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Calculate Income Tax Slabs With New Rules

IndianMoney.com Research Team | Posted On Saturday, February 01,2020, 03:51 PM

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Calculate Income Tax Slabs With New Rules

 

 

The Finance Minister Nirmala Sitharaman presented the Union Budget 2020. This Budget was a common man’s budget. Let’s take a look at the Income Tax Slabs under the Union Budget 2020.

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Calculate Income Tax Slabs With New Rules

Income Tax Slabs

Optional Tax Rates

Up to Rs 5 Lakhs

No Tax

Rs 5 Lakhs - 7.5 lakhs

10%

Rs 7.5 Lakhs - 10 Lakhs

15%

Rs 10 Lakhs - 12.5 lakhs

20%

Rs 12.5 Lakhs to Rs 15 Lakhs

25%

Above Rs 15 Lakhs

30%

If you opt for the new income tax regime, you can’t avail tax exemptions. You will have to let go of 70 tax exemptions. You can still get 30 tax exemptions.

See Also: What to Expect From Union Budget 2020?

Calculate Income Tax on Salary of Rs 15 Lakhs

Let’s say you have an income of Rs 15 Lakhs. How much income tax do you pay?

You have 0 to Rs 2.5 Lakhs – NIL

Rs 2.5 Lakhs – Rs 5 Lakhs :  Rs 12,500 (Rs 2,50,[email protected]%)

Rs 5 Lakhs – Rs 7.5 Lakhs: Rs 25,000   (Rs 2,50,[email protected]%)

Rs 7.5 Lakhs – Rs 10 Lakhs: Rs 37,500 (Rs 2,50,[email protected]%)

Rs 10 Lakhs – Rs 12.5 Lakhs: Rs 50,000 (Rs 2,50,[email protected]%)

Rs 12.5 Lakhs – Rs 15 Lakhs: Rs 62,500 (Rs 2,50,[email protected]%)

The total income tax payable comes to Rs 1,87,500. You add cess of 4% to get Rs 1,95,000.

See Also: Union Budget 2019-2020: Major Takeaways

Income Tax on Income of Rs 8 Lakhs

Let’s say you have an income of Rs 8 Lakhs. How much income tax do you pay?

You have 0 to Rs 2.5 Lakhs – NIL

Rs 2.5 Lakhs – Rs 5 Lakhs :  Rs 12,500 (Rs 2,50,[email protected]%)

Rs 5 Lakhs – Rs 7.5 Lakhs: Rs 25,000   (Rs 2,50,[email protected]%)

Rs 7.5 Lakhs – Rs 8 Lakhs:   Rs 7,500  (Rs 50,[email protected]%)

The total income tax payable comes to Rs 45,000. You add cess of 4% to get Rs 46,800.

See Also: Will Middle Income Salaried Class Benefit From Union Budget 2020?

Income Tax on Income of Rs 12 Lakhs

Let’s say you have an income of Rs 12 Lakhs. How much income tax do you pay?

You have 0 to Rs 2.5 Lakhs – NIL

Rs 2.5 Lakhs – Rs 5 Lakhs :  Rs 12,500 (Rs 2,50,[email protected]%)

Rs 5 Lakhs – Rs 7.5 Lakhs: Rs 25,000   (Rs 2,50,[email protected]%)

Rs 7.5 Lakhs – Rs 10 Lakhs: Rs 37,500 (Rs 2,50,[email protected]%)

Rs 10 Lakhs – Rs 12 Lakhs: Rs 40,000 (Rs 2,00,[email protected]%)

The total income tax payable comes to Rs 1,15,000. You add cess of 4% to get Rs 1,19,600.

Income Tax on Income of Rs 20 Lakhs

Let’s say you have an income of Rs 20 Lakhs. How much income tax do you pay?

You have 0 to Rs 2.5 Lakhs – NIL

Rs 2.5 Lakhs – Rs 5 Lakhs :  Rs 12,500 (Rs 2,50,[email protected]%)

Rs 5 Lakhs – Rs 7.5 Lakhs: Rs 25,000   (Rs 2,50,[email protected]%)

Rs 7.5 Lakhs – Rs 10 Lakhs: Rs 37,500 (Rs 2,50,[email protected]%)

Rs 10 Lakhs – Rs 12.5 Lakhs: Rs 50,000 (Rs 2,50,[email protected]%)

Rs 12.5 Lakhs – Rs 15 Lakhs: Rs 62,500 (Rs 2,50,[email protected]%)

Rs 15 Lakhs – Rs 20 Lakhs: Rs 1,50,000 (Rs 5,00,[email protected]%)

The total income tax payable comes to Rs 3,37,500. You add cess of 4% to get Rs 3,51,000.

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