Has the Budget 2020 actually made income up to Rs.5 lakh exempt from tax?
Answer
Answer
On this aspect there is no change from last year. Incomes up to Rs.2.50 lakhs remain tax free. However, if your income is up to Rs.5 lakh, then you get the tax payable as rebate. But if your taxable income is Rs.5.20 lakhs, you pay tax from Rs.2.50 lakh onwards.