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Budget 2020: Govt May Tweak 5% Tax Slab To Include Upto Rs 7 Lakh Income

By Staff
|

From the upcoming Union Budget 2020-21 to be presented on 1 February, citizens are expecting a change in income tax slabs not seen since 2014. A change is anticipated this time.

Budget 2020: Govt May Tweak 5% Tax Slab To Include Upto Rs 7 Lakh Income
 

According to a CNBC Awaaz report citing sources, the 5 percent income tax slab that currently includes income bracket of Rs 2.5 lakh to Rs 5 lakh could be relaxed to be extended to Rs 7 lakh.

Further, on the income bracket of Rs 7 lakh to Rs 10 lakh, the tax is proposed to be 10 percent. As for the Rs 10 lakh to Rs 20 lakh bracket, a 20 percent tax implication is proposed.

The Rs 20 lakh to Rs 10 crore bracket may attract 30 percent tax, while income of Rs 10 crore and above would see a likely change to 35 percent tax.

If the proposed changes come through, it could result in saving of around Rs 60,000 to Rs 1.6 lakh for salaried individuals, excluding cess.

Read more about: budget 2020 income tax
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