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Union Budget 2020 - New Income Tax Slab introduced

Finance Minister Nirmala Sitharaman has announced New Income Tax regime for the FY 2020-2021. Under the new regime, taxpayers will pay 10%, 15%, 20% and 25% for incomes between Rs 5-7.5 lakh, Rs 7.5-10 lakh, Rs 10-12.5 lakh and Rs 12.5-15 lakh, respectively. However under new regime, which will be optional, taxpayers will have to let go of exemptions. Details of the deductions & Excemptions which are not permited in the new regime will be cleared later. Income below Rs 2.5 lakh will continue to remain exempt while income between Rs 2.5-5 lakh will continue to get a rebate. In short, for the Financial Year 2020-21, the payer can opt to continue the existing Income Tax Regime or New Tax Regime to lower the tax rate. 

 

Existing Tax Slab 

(Tax Payer can avail all deductions

and Exemptions)

 

New Tax Slab

(Tax Payers not Permitted to avail most

of the deductions and Exemptions) 

Up to 2.5 Lakh   - Nil Upto 2.5 Lakh  - Nil
2.5 Lakh to 5 Lakh  - 5% 2.5 Lakh to 5 Lakh  - 5%
5 Lakh to 10 Lakh  - 20%  5 Lakh to 7.5 Lakh  - 10%
Above 10 Lakh  - 30%  7.5 Lakh to 10 Lakh  - 15%
   10 Lakh to 12.5 Lakh  - 20%
 12.5 Lakh to 15 Lakh  - 25%
 Above 15 Lakh  - 30%