Budget 2020: Tax Rates slashed to 10% for earnings between Rs 5-7.5 Lakh, 15% for Rs 7.5-10 Lakh
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In a major relief for taxpayers, the Finance Minister announced that the Income Tax rates for the citizens earning between Rs 5 lakh to Rs 10 lakh have been slashed to 10%. Those earning between Rs 7.5 lakh to Rs 10 lakh will have to pay tax at the rate of 15%. For income Rs 10-12.5 lakh, a rate of 20% as against 30% earlier. Those earning between Rs 12.5 lakh-15 lakh will be taxed at 25% as against 30 per cent.