New tax regime for taxpayers in Budget 2020

New Delhi,1/2: Finance minister Nirmala Sitaraman announced new tax slabs for the taxpayers in the budget 2020. In a big relief for the taxpayers, Nirmala announced, People, earning up to 5 lakh won’t have to pay any taxes.  An individual earning between Rs 5 lakh to Rs 7.5 lakh will now be taxed at a reduced income tax rate of 10% as compared to the earlier 20%.

An individual earning between Rs 7.5 lakh to Rs 10 lakh will now be taxed at a reduced income tax rate of 15% as compared to the earlier 20%.

 An individual earning between Rs 10 lakh to Rs 12.5 lakh will now be taxed at a reduced income tax rate of 20% as compared to the earlier 30%.

She emphasized on the fact that there will strict action against people who are not paying income taxes.

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