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Budget 2020: FM announces new income tax slabs, simplifies direct tax regime
Finance Minister Nirmala Sitharaman today slashed the personal income tax rate for individuals for fiscal year 2020-21. Under the new regime, taxpayers will pay 10%, 15%, 20% and 25% for incomes between Rs 5-7.5 lakh, Rs 7.5-10 lakh, Rs 10-12.5 lakh and Rs 12.5-15 lakh.
Finance Minister Nirmala Sitharaman today slashed the personal income tax rate for individuals for fiscal year 2020-21. Under the new regime, taxpayers will pay 10%, 15%, 20% and 25% for incomes between Rs 5-7.5 lakh, Rs 7.5-10 lakh, Rs 10-12.5 lakh and Rs 12.5-15 lakh.
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