Budget 2020: Breather for salaried people

Hyderabad: Employees got a fresh relief in the latest Union Budget-2020. Union Finance Minister Nirmala Sitharaman announced six slabs in personal income-tax (I-T). The Finance Minister said that assessees would get Rs78,000 benefit from the new slabs. However, the new tax slabs are optional for employees as the old and news slab system simultaneously co-exist.
If assessees choose new tax slab system, they have to forego exemptions under 80 C section.

According to the Budget announcement

Income slab (Rs/Lakh)  I-T (%)
0-5     Nil
5-7.5     10
7.5-10   15
10-12.5 20
12.5- 15  25
Above 15   30

 

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