Govt slashes 10% I-T for income between Rs 5 to 7.5 L

Prameyanews English

Published By : Prameya News Bureau | February 01, 2020 IST

New Tax slab (without exemptions): No tax: 0-2.5 5% between 2.5-5 lakh 10% tax between 5-7.5 lakh 15% between 7.5-10 lakh 20% between 10 lakh-12.5 lakh 25% between 12.5-15 lakh 30% between above 15 lakh New Delhi, Feb 1: In a big relief for lower and middle-income groups the Finance Minister Nirmala Sitharaman announced slash in income tax for all slabs except for those earning above Rs 15 lakhs a year. The announcement was made by the Finance Minister while presenting the annual Budget for 2020-21 in the Parliament today. Tax rate at current 30% for income above Rs 15 lakh. Reduced tax rate at 25% for income between Rs 12.5-15 lakh. Reduced tax rate at 20% for income between Rs 10-12.5 lakh. Reduced tax rate at 15% for income between Rs 7.5-10 lakh. Reduced tax rate at 10% for income between Rs 5-7.5 lakh.

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