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



<p>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</p>



<figure class="wp-block-image size-large"><img src="https://mypaisa.in/wp-content/uploads/2020/02/incometax2020.jpg" alt="income tax 2020" class="wp-image-1932"/></figure>



<h2 class="wp-block-heading">Income Tax Slabs 2020-21</h2>



<figure class="wp-block-table"><table class="has-subtle-pale-green-background-color has-fixed-layout has-background"><tbody><tr><td><strong>Yearly Income</strong></td><td><strong>Tax Rate</strong></td></tr><tr><td>Up to 5 Lakh</td><td>Nill</td></tr><tr><td>5 &#8211; 7.5 lakhs</td><td>10%</td></tr><tr><td>7.5 &#8211; 10 lakhs</td><td>15% </td></tr><tr><td>10 -12.5 lakhs</td><td>20%</td></tr><tr><td>12.5 -15 lakhs</td><td>25% </td></tr><tr><td>15 lakh and Above</td><td>30%</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Other Key Announcements in Budget 2020</h2>



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



<p><strong>Bank deposit <a href="http://lifeinsuranceindiaonline.com/" class="rank-math-link">insurance </a>coverage:</strong> 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.</p>



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



<p>In today&#8217;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.</p>

This post was last modified on February 1, 2020
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