Direct Tax

Personal Income Tax

New simplified Income Tax Regime. introduced

10% tax rate for Rs.5L to Rs.7.5L

15% tax rate Rs.7.5L to Rs.10L

20% tax rate Rs.10 – Rs.12.5L

25% tax rate Rs.12.5L to Rs.15L

30% rate for above Rs.15L

No change in tax slabs

The revised rates is applicable on the new scheme. Most of the deductions will be available in the new sheme as FM said in here speech 70 exemptions/deductions were not applicable in this scheme. The assessee has the option to continue the new scheme.

We will update the details soon after looking into the Finance bill, 2020.