InvestorQ : What is the tax slabs for the year 2020-21 declared by the Finance Minister in the Budget?
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What is the tax slabs for the year 2020-21 declared by the Finance Minister in the Budget?

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Archita Jajjoo answered.
1 year ago
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The new simplified tax regime has been announced and the current slab rates have been revised. The revised slabs are:
For income:
0-5 lakhs one has to pay NIL tax.
5-7.5 lakhs one has to pay a 10% tax.
7.5-10 lakhs one has to pay 15% tax
10-12.5 lakhs one has to pay 20% tax
12.5-15 lakhs one has to pay 25% tax
above 15 lakhs, one has to pay a 30% tax.
The new tax regime is optional, however, one has to forego all exemptions under the new regime.
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