Thursday 29 October 2020

Finance Minister Nirmala Sithraman announces major tax relief for individuals

- Posted on 01 February 2020

Income between Rs. 5-7.5 lakh – Tax rate 10%

Income between Rs. 7.5-10 lakh – Tax rate 15%

Income between Rs 10-12.5 lakh – Tax rate brought down to 20% from 30%

– Income above 15 lakh rupees will continue to be taxed at 30% – FM

– Budget 2020 live: For income between 10 lakh rupees and 12.5 lakh rupees, new tax rate will be 20%, down from 30% now 12.5 lakh-15 lakh-tax will be 25% – FM

Budget 2020 live: Under the new personal income tax regime, individual tax payers to pay tax at reduced rate of 10% for income between 5 lakh and 7.5 lakh rupees- FM

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