Income tax slab under the new regime, for FY 2020-21 is as follows
₹5-7.5 lakh: 10% income tax, ₹7.5 lakh to ₹10 lakh: 15% income tax, ₹10 lakh-12.5 lakh: 20% income tax, ₹12.5 lakh-15 lakh: 25% income tax. For those earning above ₹15 lakh, 30% income tax.5 hours ago
The new tax slab is optional. If you choose the new tax regime, 70 types of tax exemptions that are available with the old regime will be lost.
Alternatively, you may continue with the old regime and take benefit of the savings instruments that are tax exempted.
Now it is up to the taxpayer to choose.
Tax slabs under new, optional regime
Read more at:
https://economictimes.indiatimes.com/wealth/tax/budget-cuts-income-tax-rates-rejigs-tax-slabs-to-give-relief-to-individuals/articleshow/73835485.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
₹5-7.5 lakh: 10% income tax, ₹7.5 lakh to ₹10 lakh: 15% income tax, ₹10 lakh-12.5 lakh: 20% income tax, ₹12.5 lakh-15 lakh: 25% income tax. For those earning above ₹15 lakh, 30% income tax.5 hours ago
The new tax slab is optional. If you choose the new tax regime, 70 types of tax exemptions that are available with the old regime will be lost.
Alternatively, you may continue with the old regime and take benefit of the savings instruments that are tax exempted.
Now it is up to the taxpayer to choose.
Tax slabs under new, optional regime
Read more at:
https://economictimes.indiatimes.com/wealth/tax/budget-cuts-income-tax-rates-rejigs-tax-slabs-to-give-relief-to-individuals/articleshow/73835485.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
