Mr. Varma

Nirmala Sitharaman's Budget Speech Live Updates: Nirmala Sitharaman's Budget Speech updates ·         provide outlay of  ₹ 8,000 crore for quantum computing over five years to break into this technology ·         Customs duty increased on footwear and furniture: FM ·         Sitharaman breaks Budget speech time record ·         Lok Sabha adjourned after Sitharaman ends speech ·         Direct taxes are lowest, simplest and smoothest: Sitharaman ·         FM proposes scheme to bring down litigation in direct taxation scheme; 4.83 lakh direct cases pending in various appellate forums. ·         'Vivad se Vishwas' scheme for direct tax payers whose appeals are pending at various forum: FM ·         Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily: Sitharaman. ·         15th Finance Commission has cut state share of central tax

Budget 2020 LIVE New TAX rates Updates from Nirmala Sitharaman announces big income tax relief New income tax slab for FY 2020-21:                                           Ø If your income is less than 5 lakh rupees you don't need to pay any income tax. Ø If your income is in between  ₹ 5-7.5 lakh you need to pay 10% income tax, previously it was about 20%. Ø If your income is in between  ₹ 7.5 lakh to  ₹ 10 lakh, you need to pay 15% income tax. Ø If your income is in between  ₹ 10 lakh- 12.5 lakh you need to pay 20% income tax. Ø If your income is in between  ₹ 12.5 lakh -15 lakh you need to pay 25% income tax. Ø For those earning above  ₹ 15 lakh they need to pay 30% income tax.