Nation

Union Budget 2020: Income Tax Rates Cut

Bhubaneswar: Presenting the Union Budget, the Finance  Minister Nirmala Sitharaman said that New tax scheme is optional, without exemptions.  That means income tax will be cut for those who forgo exemptions.  

1: As stated in the Budget, the personal income tax slabs are: 

• No tax for income upto Rs 5 lakh

• Income tax cut to 10 % tax from 20 % for income between 5-7.5 lakhs

• Income tax cut to 15 % from 20 % for income between 7.5-10 lakhs

• Income tax cut to 20 % from 30% for income between 10-12.5 lakhs

• Income tax cut to 25% from 30%  for income between 12.5 to 15 lakhs

• 30 percent tax for income above 15 lakhs

• New/amended law to ensure taxpayers are not harassed

2: Dividend distribution tax abolished.

3: Corporate tax of 15 percent lowest in the world, according to Finance Minsiter.

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