InvestorQ : What will be the new income tax slabs applicable under the new regime of tax for various income slabs?
Priyanka N made post

What will be the new income tax slabs applicable under the new regime of tax for various income slabs?

Answer
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NISHA Nayak answered.
7 months ago


Please remember that the Budget 2020 has offered an optional relief scheme to individual taxpayers with a view to boosting consumption and reviving economic growth. As a result of the new slabs, taxpayers will be able to avail a lower income tax rate on various slabs by foregoing certain deductions and exemptions. Of course, you can opt for the new regime or just stick to the old regime as it is.

The income tax slabs will be as under for various income slabs.

Rs 5-7.5 lakh per annum: Reduced to 10 percent from 20 percent

Rs 7.5-10 lakh per annum: Reduced to 15 percent from 20 percent

Rs 10-12.5 lakh per annum: Reduced to 20 percent from 30 percent

Rs 12.5-15 lakh per annum: Reduced to 25 percent from 30 percent

Above Rs 15 lakh per annum: 30 percent without any exemptions.

For incomes up to Rs.5 lakh, the status quo is maintained as the individual will continue to get a rebate of Rs.12,500 up to the limit of Rs.5 lakh.