Budget 2020: Big income tax relief for individuals

In a major relief for individual taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced a new regime of personal income tax. "Under the new personal income tax regime, individual taxpayers to pay tax at a reduced rate of 10 per cent for income between Rs 5 lakh and 7.5 lakh against the current rate of 20 per cent," Sitharaman said while presenting the Budget. "Those with income between Rs 7.5 lakh to 10 lakh to pay tax at 15 per cent against the current 20 per cent. Those with income between Rs 10 to 12.5 lakh to pay tax at 20 per cent, down from 30 per cent," she added. ► Subscribe to The Economic Times for latest video updates. It's free! - http://www.youtube.com/TheEconomicTimes?sub_confirmation=1 ► More Videos @ ETTV - http://economictimes.indiatimes.com/TV ► http://EconomicTimes.com ► For business news on the go, download ET app: https://etapp.onelink.me/tOvY/EconomicTimesApp Follow ET on: ► Facebook - https://www.facebook.com/EconomicTimes ► Twitter - http://www.twitter.com/economictimes ► LinkedIn - http://www.linkedin.com/company/economictimes ► Instagram - https://www.instagram.com/the_economic_times ► Flipboard - https://flipboard.com/@economictimes The Economic Times | A Times Internet Limited product