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Here are the latest income tax slabs and rates 
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Joined: Wed Jun 19, 2019 1:58 pm
Posts: 5
Post Here are the latest income tax slabs and rates
Total income (Rs). Income tax rate
Up to 2.5 lakh. Nil
From 2,50,001 to Rs 5,00,000. 5 percent
From 5,00,001 to Rs 7,50,000. 10 percent
From 7,50,001 to 10,00,000. 15 percent
From 10,00,001 to Rs 12,50,000. 20 percent
From 12,50,001 to 15,00,000. 25 percent
Above 15,00,000. 30 percent
Individuals with a net taxable income of up to Rs 5 lakh will be able to avail tax rebate of Rs 12,500 under section 87A in both, the existing and new, tax regimes. Effectively, this would mean that individual taxpayers having net taxable income of up to Rs 5 lakh will continue to pay zero tax.
However, individuals opting for the new tax regime would not be able to avail common tax breaks such deductions under section 80C for maximum of Rs 1.5 lakh by investing in specified instruments, section 80D for medical insurance paid, house rent allowance, leave travel allowance etc


Thu Mar 26, 2020 10:40 am
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