01 February 2020
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.