As expected, to spur the slowing economy which is to post 11-year low GDP for FY20, Nirmala Sitharaman in its highly challenging budget has provide much needed relief to middle class.
Budget 2020: Personal Income Tax Rates Slashed
Tax slab
Tax rate
Tax rate proposed in Union Budget 2020
Rs. 2.5 lakh- Rs. 5 lakh
5%
-
Upto Rs. 5 lakh
No income tax
Rs. 5 lakh- Rs. 10 lakh
20%
-
Rs. 5 lakh to Rs. 7.5 lakh
-
10%
Rs. 10 lakh plus
30%
Rs. 7.5 lakh to Rs. 10 lakh
-
15%
Rs. 10 lakh to Rs. 12.5 Lakh
-
20%
Rs. 12.5 lakh to Rs. 15 lakh
-
25%
Above Rs 15 lakh
-
30%
For the tax relief, the government will forego Rs. 14000 crore.
Nonetheless, though the tax slabs have been rejigged with tax rate cut, there shall not be allowed deduction on interest paymnet on home loan as well as standard deduction will not be extended in the new income tax regime.
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