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Your Income Tax Slab Rate May Go Through A Radical Change

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As per the panel recommendation on Direct Tax Code, your personal income tax slab rate can go a overhaul.

 

Your Income Tax Slab Rate May Go Through A Radical Change

It has been proposed as though:

Income slabIncome tax rate
0 to Rs. 2.5 lakhNo tax
Rs.5 lakh- Rs 10 lakh10%
Rs. 10 lakh to Rs. 20 lakh20%
> Rs. 20 lakh and up to Rs. 2 crore30%

Present slab rate

Income slabIncome tax rate
Rs. 2.5 lakh- Rs. 5 lakh5%
Rs. 5 lakh to Rs. 10 lakh20%
> Rs. 10 lakh30%

There will be a rebate for income upto Rs. 5 lakh as per the announcement made in Interim Budget 2019.. This effectively means an annual income of up to Rs 5 lakh will attract zero tax.

GoodReturns.in

Story first published: Thursday, August 29, 2019, 10:57 [IST]
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