Income Tax Slabs 2020 Pdf Download | Income Tax Slabs Budget 2020 – New income tax slabs with reduced rates were introduced by finance minister Nirmala Sitharaman in her Union Budget 2020 speech on Saturday, providing big relief to the middle class as was expected.
Here are the newly proposed income tax slabs:
- No income tax for those earning less than Rs 5 lakh.
- Income between Rs 5 lakh and Rs 7.5 lakh annually will be taxed at 10 per cent.
- Income between Rs 7.5 lakh and Rs 10 lakh will be taxed at 15 per cent.
- Income between Rs 10 lakh and Rs 12.5 lakh will be taxed at 20 per cent.
- Income earning between Rs 12.5 lakh and Rs 15 lakh will be taxed at 25 per cent.
- Income above Rs 15 lakh will continue to be taxed at 30 per cent.
Direct Tax Under Union Budget 2020-21 Pdf
|New Income Tax Slabs 2020-21 (Optional)|
|New Rates||Old Rates|
|Under Rs 5 lakh||No tax||0% for income upto 5 lakh. 5% for income greater than 2.5 lakh if total income greater than Rs 5 lakh.|
|Rs 5 lakh to Rs 7.5 lakh||10%||20%|
|Rs 7.5 to 10 lakh||15%||20%|
|Rs 10 lakh to Rs 12.5 lakh||20%||30%|
|Rs 12.5 lakh to Rs 15 lakh||25%||30%|
|Above Rs 15 lakh||30%||30%|
The finance minister said that a person earning above Rs 15 lakh per anum and not availing any deductions will pay Rs 1.95 lakh tax, instead of Rs 2.73 lakh now. The tax calculations, however, would vary based on the number and type of deductions one used to avail.
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