Income Tax Slab for 2020-21

The #Budget2020 was announced today 1st February 2020 by Hon. Finance minister Nirmala Sitharaman.

The good news is that people who earn up to 5 lakh will not have to pay any #IncomeTax. Check other slaps in the table below

income tax 2020

Income Tax Slabs 2020-21

Yearly IncomeTax Rate
Up to 5 LakhNill
5 – 7.5 lakhs10%
7.5 – 10 lakhs15%
10 -12.5 lakhs20%
12.5 -15 lakhs25%
15 lakh and Above30%

Other Key Announcements in Budget 2020

For home buyers: Government has extended an additional Rs 1.5 lakh benefit on interest paid on housing loan till March 2021

Bank deposit insurance coverage: Your money will be safe in case your bank becomes insolvent. You will be eligible for up to 5 lakh instead of 1 lakh earlier.

The government proposes to sell a part of its holding in LIC through IPO (initial public offer).

In today’s Budget speech, FM proposed that the government will sell its stake in IDBI Bank to private investors and also amend the Banking Regulation Act to strengthen co-op banks.

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  1. Under these income tax slabs, there will be no 80C benefit.

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