New Income Tax Slab


The government of India has announced the new income tax rates during the budget speech on saturday.

The finance minister has iterated that the new tax rates will relief the common people who are earning below 15 lakhs.

The income tax slab for 2020 is given as below.

Upto 5 lakhs                 - No Tax
5 lakhs to 7.5 lakhs     - 10%
7.5 lakhs to 10 lakhs   - 15%
10 lakhs to 12.5 lakhs - 20%
12.5 lakhs to 15 lakhs - 25%
Above 15 lakhs             - 30%

The finance minister also stated that those who wants to continue with the previous tax slab, can continue with the same and those who want to go with the new regime are welcome.