New income tax slab for FY 2020-21

• 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.

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