Income Tax Slab Rates Changes in Budget 2020 for FY 2020-21 | TV5 Kannada.
#incometax #2020
financial year 2020-21, people earning upto Rs 5 lakh will not have to pay the income tax while those with income between Rs 5 lakh to Rs 7.5 lakh, will have to pay 10 per cent of income tax. Also, there will be 15% tax for income between 7.5 lakh to 10 lakh and 20 per cent tax for income between 10 lakh to 12.5 lakh. The Finance Minister also said people earning between Rs 12.5 lakh to Rs 15 lakh will have to pay 25 per cent of income tax while those with income above Rs 15 lakh will pay 30 per cent tax.
So as per the new announcements, a person earning Rs 15 lakh per anum and not availing any deductions will pay Rs 1.95 lakh tax in place of Rs 2.73 lakh now. Sitharaman also said Rs 40,000 cr per annum will be revenue foregone from new income tax rates for individuals and that the government has removed 70 exemptions, deductions with a view to further simplify tax regime.
She, however, said the government expected tax buoyancy will take time and the recent cut in corporate tax will cause loss of substantial revenue in short-run and that economy will reap huge returns in due course.
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