New Slabs of Income tax for FY 2019-20, AY 20-12: Individual

Feb 01, 2020 by ConsultEase Administrator in Income Tax Compliance

New simplified income tax regime(optional)

New income tax slabs declared by FM are:

0-2.5 Exempt

5% for income from Rs.2.5 to Rs.5 lac

10% for income from Rs. 5lac to 7.5 lac (currently 20%)

15% for income from Rs. 7.5 lac to 10 lac (currently 20%)

20% for income from Rs. 10 lac to 12.5 lac (Currently 30%)

25% for income from 12.5 lac to Rs. 15 lac (Currently 30%)

income from 15 lac onwards on old rate od 30%

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