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Home India

Union Budget: Finance Minister Reduces Income Tax Slabs

by OB Bureau
February 1, 2020
in India
Reading Time: 1 min read
income tax notice to home guard
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New Delhi: Finance Minister Nirmala Sitharaman on Saturday announced reduction in personal income tax slabs. The new rates are as follows:

Income            Tax

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Up to 5 lakh – no tax

5-7.5 lakh      – 10 per cent

7.5-10 lakh    – 15 per cent against 20 per cent currently

10-12.5 lakh  – 20 per cent against 30 per cent currently

12.5-15 lakh   – 25 per cent against 30 currently

Above 15 lakh – 30 per cent

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