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Union Budget 2020: Highlights and key points

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Tax rebate

A new simplified personal income tax regime was announced in order to lower tax rates. Under this new regime, those earning below ₹5 lakh will not be paying any tax. The new tax slabs for financial year (FY) 2020-21 are as follows: 

₹5-7.5 lakh: 10 percent
₹7.5-10 lakh: 15 percent
₹10-12.5 lakh: 20 percent
₹12.5-15 lakh: 25 percent
₹15 lakh and above: 30 percent

While presenting the budget, Finance Minister Nirmala Sitharaman (pictured) announced that income tax rebates will be significantly reduced for those who forego reliefs and exemptions. She also said that the Income Tax Act would be amended to enable faceless appeal.

© Manish Swarup/AP Photo
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