Income Tax in New Budget 2020 Live Coverage: New income tax slabs and rates have been introduced by FM Nirmala Sitharaman on the personal tax front in Union Budget 2020 speech live in Lok Sabha right now. These new income tax slabs and rates however come with a catch, the taxpayer will have to forego certain exemptions. Personal income tax rates along with important sections such as Section 80C, deductions under Chapter VIA, standard deduction are critical elements that are watched closely by taxpayers. While no changes happened in the previous budget on personal income tax rates or slabs, rebate was hiked in such a way that people earning up to Rs 5 lakh had to pay no tax. For very long, there has been a demand to revise personal income tax slabs and rates to align them with global standards.
Financial Express Online has a technologically advanced, user-friendly . You can check your income tax payment amount based on the current personal tax rates. The income tax calculator will be updated if there is a change in the Income Tax rates in Budget 2020.
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