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Budget 2020 Key Highlights Part 1

Budget 2020 Highlights Part 1

 Finance Minister delivered major relief or salaried tax payer in her Budget Speech of 2020 today. FM Nirmala Sitharaman announced tax rate cuts and presented restructured tax-slabs for the FY 21. The 2nd Budget of Modi Government 2.0 slashed income tax rates by 10% for middle income group from Rs 5 to Rs 10 lakhs. Earlier in her speech, FM announced several new policy measures and new scheme starting from Kisan Rail, Krishi Udaan targeted at Agriculture sector. 

 She also announced an outlay of Rs 1 lakh crore for education sector along with announcement for development of 100 new airports and development of more Tejas-like trains. Addressing the menace of air pollution, she also earmarked RS 4,400 crores for the same.

 New Income Tax Rates - Old Regime vs New
Revised Income Tax Slabs and Income Tax Rates
Income Tax Slab
Old Regime Income Tax Rate
Revised Income Tax Rate
Upto Rs 5 lakhs
NA
NA
From Rs 5 to Rs 7.5 lakh
20%
10%
From Rs 7.5 to Rs 10 lakh
20%
15%
From Rs 10 to Rs 12.5 lakh
30%
20%
From Rs 12.5 lakh to Rs 15 lakh
30%
25%
Above 15 lakh
30%
30%

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