Budget 2020 highlights: Sitharaman reduces income tax rates

    Union Budget 2020: FM says that the tax proposals would bring ease of compliance and reduce litigation. Nirmala Sitharaman says a new personal income tax regime would be reduced who forego deductions and exemptions. Tax of only 10 percent will be charged to Rs 5 lakh-7.5 lakh income as against prevailing 20 percent rate. From Rs 7.5 lakh-10 lakh income, a tax rate of 15 percent against 20 percent prevailing rate. For income Rs 10-12.5 lakh, a rate of 20 percent as against 30 percent earlier. For income between Rs 12.5 lakh-15 lakh will be taxed at 25 percent as against 30 percent. For those at Rs 15 lakh plus income, tax will be 30 percent.

    NEW INCOME TAX SLABS VS EARLIER – NO EXEMPTIONS APPLICABLE
    – 10% for income between Rs 5 lakh-7.5 lakh against 20%.
    – 15% for income between Rs 7.5 lakh-10 lakh against 20%
    – 20% for income between Rs 10-12.5 lakh against 30%
    – 25% for income between Rs 12.5 -15 lakh against 30%
    – 30% for income above Rs 15 lakh

The post Budget 2020 highlights: Sitharaman reduces income tax rates appeared first on GST Station.



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