Published On : Sat, Feb 1st, 2020

Tax Rates Slashed, 10% to be Levied on Income Between Rs 5-7.5 Lakh

No tax up to those earning Rs 5 lakh

Income tax rates will be significantly reduced for those who forego reliefs, exemptions: Nirmala Sitharaman

Income tax cuts:

Cut to 10 per cent from 20 per cent for those earning between Rs 5 lakh and Rs 7.5 lakh

Cut to 15 per cent from 20 per cent for those earning between Rs 7.5 and Rs 10 lakh

Cut to 20 per cent from 30 per cent for those earning between Rs 10 and Rs 12.5 lakh

Cut to 25 per cent from 30 per cent for those earning between Rs 12.5 lakh and Rs 15 lakh

30 per cent tax rate still applicable for those earning above Rs 15 lakh

No tax up to those earning Rs 5 lakh