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Good News For Taxpayers In The Latest Budget

By:  Tupaki Desk   |   1 Feb 2020 9:22 AM GMT
Good News For Taxpayers In The Latest Budget
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Union Finance Minister Nirmala Sithraman has announced the much anticipated Union Budget 2020-21 in Lok Sabha. Her speech in the house gave a small relief for the taxpayers with the income tax slabs and rates has gone through some fabc1y changes.

The new changes will be followed from 1st April for the upcoming financial year.

From now on people, who earn up to Rs 2.5 lakh have to pay no tax, while those who earn between Rs 2.5 lakh to Rs 5 lakh have to pay 5% tax. On the other hand, those who earn between Rs 5 lakh to Rs 7.5 lakh will be paying 10% tax which was reducing from 20%.

Slashing the early rate of 20%, people who earn between Rs 7.5 lakh to 10 lakh has to pay 15% personal tax.

People with high income earning Rs 10 lakh to 12.5 lakh per year got a relief of 10% and will be paying 20% personal tax. Earners of an annual income of Rs 12.5 to 15 lakh will attract 25% tax, while those who earn more than Rs 15 lakh will be paying 30% tax.