The Union Budget, 2020 provides New Income Tax Slab Rates, which are as follows :
- Income from Rs. 5 Lakh to 7.50 Lakh : 10%
- Income from Rs. 7.50 Lakh to Rs. 10 Lakh : 15%
- Income from Rs. 10 Lakh to Rs. 12.50 Lakh : 20%
- Income from Rs. 12.50 Lakh to Rs. 15 Lakh : 25%
- Income above Rs. 15 Lakh : 30%
These new slabs shall be optional and no deductions shall be allowed, if the taxpayer has availed these slab rates.
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