InvestorQ : What is the personal income tax announced by the finance minister Sitharaman in the Budget 2020?
ishika Banerjee made post

What is the personal income tax announced by the finance minister Sitharaman in the Budget 2020?

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Archita Jajjoo answered.
1 year ago
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FM announcement for individuals in budget 2020 on 1st Feb 2020 proved to be a great relief, especially to individuals with lesser income of Rs. 5 lakhs
New Tax slab (without exemptions):
No tax: 0-2.5
5% between 2.5-5 lakh
10% tax between 5-7.5 lakh
15% between 7.5-10 lakh
20% between 10 lakh-12.5 lakh
25% between 12.5-15 lakh
30% between above 15 lakh
(Data source- Firstpost.com)
However, it has been assured by the government that individuals planning to claim rebates and concessions can continue to avail taxation under the old regime.
Government steps to revive the tax payment process for individuals that will not require the help of any professionals to file their TDS henceforth.
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