Union Budget 2020-21: Income Tax new slab
Key highlights of Union Budget 2020-21
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- No tax for income below Rs.5,00,000. Lakhs
- 10% for income between Rs.5,00,001 – 7,50,000. Lakhs (Existing 20%)
- 15% for income between Rs.7,50,001 – 10,00,000. Lakhs (Existing 20%)
- 20% for income between Rs.10,00,001 – 12,50,000. Lakhs (Existing 30%)
- 25% for income between Rs.12,50,001 – 15,00,000. Lakhs (Existing 30%)
- 30% for income more than Rs.15,00,000. Lakhs (Existing 30%)
A person earning Rs.15 lakhs per anum and not availing any deductions will now pay Rs. 1.95 lakhs tax in place of Rs.2.73 lakhs