Budget 2020 : Income Tax New Slabs
Key highlights of Union Budget 2020-21
- Govt extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021
New Income Tax Slabs
- No tax for income below Rs 5 lakh
- 10% for income between Rs 5 – 7.5 lakhs (down from 20%)
- 15% for income between Rs 7.5 – 10 lakhs (down from 20%)
- 20% for income between Rs 10 – 12.5 lakhs (down from 30%)
- 25% for income between Rs 12.5 – 15 lakhs
- 30% for income more than Rs 15 lakh onwards
| Income | Tax |
|---|---|
| Upto Rs. 5 Lakhs | NIL |
| Rs 5 lakh to Rs 7.5 lakh | 10% |
| Rs 7.5 lakh to Rs 10 lakh | 15% |
| Rs 10 lakh to Rs 12.5 lakh | 20% |
| Rs 12.5 lakh to Rs 15 lakh | 25% |
| Above Rs 15 lakh | 30% |
- A person earning Rs 15 lakh per anum and not availing any deductions will now pay Rs 1.95 lakh tax in place of Rs 2.73 lakh
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