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Income Tax Slab: You Will Now Pay Rs 1.95 Lakh In Tax On Rs 15 Lakh Income In This Case

Tuesday, February 4, 2020, 8:01 AM

According to Budget 2020 proposals, annual gross income of Rs 15 lakh will lead to a tax liability of Rs 1.95 lakh, but there's a catch: the assessee has to give up a range of income tax exemptions and deductions (including Section 80C). First things first, the new income tax slabs proposed in Budget 2020 are optional, subject to certain conditions.