InvestorQ : What are the Direct taxes announced by the FM in the Budget2020?
ishika Banerjee made post

What are the Direct taxes announced by the FM in the Budget2020?

Answer
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1 year ago
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There haven’t been so many announcements in budget 2020 regarding Direct taxes. The only thing that is important to know under Direct Tax is the introduction of a new tax regime. The FM has announced that there will be a new-tax regime under which the tax slabs shall be as follows:

0-5 lakhs – No tax
5-7.5 lakhs – 10%
7.5-10 lakhs – 15%
10-12.5 lakhs – 20%
12.5-15 lakhs – 25%
Above 15 lakhs – 30%

However, this new regime shall be optional. The FM also said that under the new regime the tax shall be charged at flat rates, which means no deduction shall be allowed to the taxpayers.
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