(LiveMint)
- New income tax rates will be optional, says FM
- Income tax rates will be significantly reduced for those who forego reliefs, exemptions
- Rs.48,000 crore revenue loss due to income tax relief: FM
- New income tax slab for FY 2020-21: ₹5-7.5 lakh: 10%, Rs.7.5 lakh to Rs.10 lakh: 15%, Rs.10 lakh-12.5 lakh: 20%, Rs.12.5 lakh-15 lakh: 25%. For those earning above Rs.15 lakh, 30%.
- Those earning Rs.5 lakh will not pay any tax: FM
- For those earning Rs.5 to Rs.7.5 lakh, income tax has been reduced to 10% from 20%.
- New simplified personal income tax regime to lower income tax: FM
