मोदी सरकार का मिडिल क्लास को बंपर तोहफा, बदला आयकर स्लैब!New income tax slabs introduced

#IncomeTacSlab #UnionBudget2020 #VKNews
मोदी सरकार का मिडिल क्लास को बंपर तोहफा, बदला आयकर स्लैब!New income tax slabs introduced
Union Budget 2020: New income tax slabs introduced but old regime also stays
The government unveiled new income tax slabs and structure in the Union Budget 2020. Under the new structure, income tax rates will be lower. However, there is a catch.
inance Minister Nirmala Sitharaman has announced cuts in the income tax while presenting the Union Budget 2020. Sitharaman unveiled a new income tax regime that she said will lower the income tax a salaried individual pays. However, there's a catch: Under the new regime, which will be optional, you will not be able to avail of any deductions or exemptions that earlier allowed you to lower the amount of your salary that was taxed.
Under the new proposed regime, the income tax slabs will be as follows:
- For incomes of up to Rs 5 lakh per year, there will be no income tax.
- For incomes between Rs 5 lakh and Rs 7.5 lakh per year, the income tax to be paid will be 10 per cent.
- For incomes between Rs 7.5 lakh and Rs 10 lakh per year, the income tax to be paid will be 15 per cent.
- For incomes between Rs 10 lakh and Rs 12.5 lakh per year, the income tax to be paid will be 20 per cent.
- For incomes between Rs 12.5 lakh and Rs 15 lakh per year, the income tax to be paid will be 25 per cent.
- For incomes above Rs 15 lakh per year, the income tax to be paid will be 30 per cent.
How is the new income tax regime different? Well, under the old regime incomes between Rs 5 lakh and 10 lakh are taxed at 20 per cent whil all incomes above Rs 10 lakh are taxed at 30 per cent.
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