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As per the panel recommendation on Direct Tax Code, your personal income tax slab rate can go a overhaul.
It has been proposed as though:
| Income slab | Income tax rate |
|---|---|
| 0 to Rs. 2.5 lakh | No tax |
| Rs.5 lakh- Rs 10 lakh | 10% |
| Rs. 10 lakh to Rs. 20 lakh | 20% |
| > Rs. 20 lakh and up to Rs. 2 crore | 30% |
Present slab rate
| Income slab | Income tax rate |
|---|---|
| Rs. 2.5 lakh- Rs. 5 lakh | 5% |
| Rs. 5 lakh to Rs. 10 lakh | 20% |
| > Rs. 10 lakh | 30% |
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.
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