Finance Minister Nirmala Sitharaman has just presented the Union Budget 2020. In this common man’s budget let’s understand how the new income tax regime helps save more tax.
Want to know more on Tax Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial product.
(Old) Income of 8 Lakhs |
|
(New) Income of 8 Lakhs |
|
0-2.5 Lakhs |
0 |
0-2.5 Lakhs |
0 |
Rs 2.5 Lakhs to Rs 5 Lakhs @5% |
12,500 |
Rs 2.5 Lakhs to Rs 5 [email protected] 5% |
12,500 |
5 Lakhs to Rs 8 Lakhs @20% |
60,000 |
Rs 5 Lakhs to Rs 7.5 [email protected] 10% |
25,000 |
Total |
Rs 72,500 |
Rs 7.5 Lakhs to Rs 8 [email protected] 15% |
7,500 |
|
Total |
Rs 45,000 |
|
|
Rs 75,400 |
|
|
Rs 46,800 |
You save Rs 28,600 with the new income tax slabs.
See Also: Union Budget 2019-2020: Major Takeaways
(Old) Income of 15 Lakhs |
|
(New) Income of 15 Lakhs |
|
0-2.5 Lakhs |
0 |
0-2.5 Lakhs |
0 |
Rs 2.5 Lakhs to Rs 5 Lakhs @5% |
12,500 |
Rs 2.5 Lakhs to Rs 5 [email protected] 5% |
12,500 |
5 Lakhs to Rs 10 Lakhs @20% |
1,00,000 |
Rs 5 Lakhs to Rs 7.5 [email protected] 10% |
25,000 |
10 Lakhs to Rs 15 Lakhs @ 30% |
1,50,000 |
Rs 7.5 Lakhs to Rs 10 [email protected] 15% |
37,500 |
Total |
Rs 2,62,500 |
Rs 10 Lakhs to Rs 12.5 [email protected] 20% |
50,000 |
|
Rs 12.5 Lakhs to Rs 15 [email protected] 25% |
62500 |
|
Rs 2,73,000 |
Total |
Rs 1,87,500 |
|
|
7500 |
||
|
|
|
Rs 1,95,000 |
You save Rs 78,000 with the new income tax slabs.
(Old) Income of 12.5 Lakhs |
|
(New) Income of 12.5 Lakhs |
|
0-2.5 Lakhs |
0 |
0-2.5 Lakhs |
0 |
Rs 2.5 Lakhs to Rs 5 Lakhs @5% |
12,500 |
Rs 2.5 Lakhs to Rs 5 [email protected] 5% |
12,500 |
5 Lakhs to Rs 10 Lakhs @20% |
1,00,000 |
Rs 5 Lakhs to Rs 7.5 [email protected] 10% |
25,000 |
10 Lakhs to Rs 12.5 Lakhs @ 30% |
75,000 |
Rs 7.5 Lakhs to Rs 10 [email protected] 15% |
37,500 |
Total |
Rs 1,87,500 |
Rs 10 Lakhs to Rs 12.5 [email protected] 20% |
50,000 |
|
|
Rs 1,25,000 |
|
Total |
|
||
Rs 1,95,000 |
5000 |
||
|
|
|
Rs 1,30,000 |
You save Rs 65,000 with the new income tax slabs.
See Also: Will Middle Income Salaried Class Benefit From Union Budget 2020?
|
(Old) Income of 20 Lakhs |
|
(Old) Income of 20 Lakhs |
0-2.5 Lakhs |
0 |
0-2.5 Lakhs |
0 |
Rs 2.5 Lakhs to Rs 5 Lakhs @5% |
12,500 |
Rs 2.5 Lakhs to Rs 5 [email protected] 5% |
12,500 |
5 Lakhs to Rs 10 Lakhs @20% |
1,00,000 |
Rs 5 Lakhs to Rs 7.5 [email protected] 10% |
25,000 |
10 Lakhs to Rs 20 Lakhs @ 30% |
3,00,000 |
Rs 7.5 Lakhs to Rs 10 [email protected] 15% |
37,500 |
Total |
412500 |
Rs 10 Lakhs to Rs 12.5 [email protected] 20% |
50,000 |
|
Rs 12.5 Lakhs to Rs 15 [email protected] 25% |
62,500 |
|
|
|
Rs 15 Lakhs to Rs 20 [email protected]% |
1,50,000 |
|
Rs 4,29,000 |
Total |
337,500 |
|
|
|
|
|
|
|
Rs 3,51,000 |
You save Rs 78,000 with the new income tax slabs.
You May Also Watch
Iframe Content
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.