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 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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