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01 February, 2020

Income Tax Slabs & Tax Rate in India for Financial year 2020-2021 – Budget 2020 Updates

Income Tax Slabs & Tax Rate in India for Financial year 2020-2021 – Budget 2020 Updates

New Tax Slab Rates 2020/2021- for the individuals opting for new income tax regime

Up to Rs 5 lacs – No tax

5 to 7.5 lacs – 10

7.5 lakh to 10 lakh – 15%

10 lakh to 12.5 lakh – 20%

12.5 lakh to 15 lakh- 25%

Above 15 lakh- 30%

These rates will be applicable to individuals who will give up all the exemptions and deductions prevailing under the income tax laws.

Income Tax SlabsTax Rate for Individual & HUF Below the Age Of 60 YearsUp to ₹5,00,000*Nil

No tax for individuals with income less than ₹ 5,00,000

10% tax with income ₹ 5 lacs to 7.5 lacs for different age groups

15% tax with income ₹ 7.5 lacs to 10 lacs

20% tax with income above ₹ 10 lacs to 12.5 lacs

25% tax with income above ₹ 12.5 lacs to 15 lacs

30% tax with income above ₹ 15+ lacs

Investments upto ₹ 1.5 lacs under Sec 80C can save ₹ in taxes. Invest Now

INCOME TAX
Upto Rs 5 lakh: No tax;
Rs 5-7.5 lakh income: reduced to 10 from 20%;
Rs 7.5 lakh to 10 lakh: reduced to 15 from 20%;
Rs 10-12.5 lakh: reduced to 20% from 30%;
Rs 12.5-15 lakh: reduced to 25% from 30%;
Rs 15 lakh: 30% (No change)
* Dividend distribution tax abolished.
* Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify tax system and lower tax rates
* To boost startups, tax burden on employees due to tax on Employee Stock Options to be deferred by five years or till they leave the company or when they sell, whichever is earliest
* Option to be provided to cooperative societies to be taxed at 22% plus 10% surcharge and 4% cess, with no exemptions or deductions. To be exempted also from Minimum Alternative Tax
* Under Vivad Se Vishwas Scheme, taxpayer to pay only amount of disputed tax, will get complete waiver on interest and penalty, if scheme is availed by March 31, 2020
* Aadhaar-based verification of taxpayers is being introduced. A system to be launched soon, for instant online allotment of PAN on the basis of Aadhaar, without the need for filling any application form
Budget is for boosting income, purchasing power and enhance their purchasing power
* GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted MSME. Consumers have got an annual benefit of 1 lakh crore rupees by GST
* Fundamentals are strong, ensuring macroeconomic stability. Inflation was contained, banks cleaned up and recapitalised. Companies provided exit through IBC. GST has been most historic
* Total allocation for 'Swachh Bharat' is around 12,300 crore rupees for this year
* During the maturing of GST, it faced some challenges. The GST Council has been proactive in resolving issues during the transition. 40 crore returns have been filed, 800 crore invoices uploaded, 105 crore e-way bills generated, simplified new return being introduced from April 1, 2020
* Welfare schemes embedded with Direct Benefit Transfer; Sanitation and water as provision of basic needs; Health care through Ayushman Bharat; Clean energy through Ujjwala and solar power; Financial inclusion, credit support, insurance and pension schemes for vulnerable sections of people; Digital penetration with broadband and UPI and affordable housing through PMAY
Central government's debt has come down to 48.7% in March, 2019 from 52.2% in March, 2014
* There are two cross-cutting developments: Proliferation of technologies such as analytics, machine learning, AI, bioinformatics and the number of people in productive age group at its highest. Efforts we have made in the last five years and the enthusiasm and energy of our youth are the ignition of our growth
* The Budget has been woven on three threads: Aspirational India; Economic Development for All; Ours shall be a caring society
GDP
* Nominal GDP growth for the year 2020-21 estimated at 10%, on the basis of trends available
* Accordingly, receipts for 2020-21 estimated at 22.46 lakh crore rupees
* Expenditure at 30.42 lakh crore rupees
* Revised expenditure estimate at ₹ 26.99 Lakh Cr for FY 21
* Estimate Fiscal deficit at 3.8% vs target of 3.3% of GDP
* Corporate tax at 15% lowest in the world
* Turnover threshold for audit raised to ₹ 5 Crore from ₹ 1 Crore

AGRICULTURE


* Finance Minister listed 16-point action plan for farmers, towards the goal of doubling farmers' income by 2022
Agricultural credit target has been set at Rs 15 lakh crore. NABARD Refinancing Scheme to be further expanded.
* Will encourage state governments who implement following model laws: Model Agricultural Land Leasing Act of 2016; Model Agricultural Produce and Livestock Marketing Act of 2017; Model Agricultural Produce and Livestock Contract Farming and Services Promotion and Facilitation Act of 2018
* Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps
2.83 lakh crore rupees allocated for agriculture and allied activities, irrigation and rural development
* We will encourage balanced use of all fertilizers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers
* Village Storage Scheme run by SHGs, will provide holding capacity for farmers, women in villages can regain their status as Dhaanya Lakshmi
* Krishi UDAN will be launched by the Ministry of Civil Aviation on international and national routes, improving value realization in North East and tribal districts
Milk processing capacity to be doubled by 2025
Indian Railways will set up Kisan Rail through PPP arrangement, for transportation of perishable goods
* Fish production to be raised to 200 lakh tonnes by 2022-23
EDUCATION
A medical college to be attached to a district hospital in PPP mode, viability gap funding to be set up for setting up such medical colleges
* Rs 3,000 crore for skill development
* IND-SAT exam to be held in African and Asian countries, for benchmarking foreign candidates who wish to
study in India
* Degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework
* Government announces Rs 99,300 crore outlay for education sector in 2020-21
* New Education Policy to be announced soon
* Urban local bodies across the country to provide internships for young engineers for a period of up to one year
* 8,000 crore rupees over five years to be provided for quantum technologies and applications
HEALTH
* The Budget provides an additional Rs 69,000 crore for the health sector and proposes to expand Jan Aushadhi Kendras in all districts of the country to provide medicines at affordable rates
* Nominal health cess on import of medical equipment to be introduced, to encourage domestic industry and generate resources for health services
FINANCE
* Deposit Insurance Coverage to be increased from 1 lakh rupees to 5 lakh rupees
* We wish to enshrine in the statute a taxpayers' charter. I would like to reassure taxpayers that we remain committed to taking measures to eliminate tax harassment
To achieve higher export credit, a new scheme being launched which provides higher insurance cover, reduced premium for small exporters and simplified procedure for claim settlements
27,300 crore rupees for development of industry and commerce
* Investment Clearance Cell to set up through a portal, will provide end-to-end facilitation, support and information on land banks
* Amendments to be made to enable NBFCs to extend invoice financing to MSMEs
* Government proposes to sell a part of its holding in LIC by initial public offer.
ENERGY
* I urge all states and UTs to replace conventional energy meters by pre-paid smart meters in 3 years, this will give consumers the freedom to choose supplier and rate as per their requirements
22,000 crore rupees to be provided to power and renewable energy sector in 2020-21
INFRASTRUCTURE
100 more airports to be developed by 2024 to support the UDAN scheme
* 1.7 lakh crore rupees to be provided for transport infrastructure in the coming financial year
* More Tejas-type trains to connect iconic destinations
* Accelerated development of highways will be undertaken. Delhi-Mumbai expressway and two other projects to be completed by 2023. Monetization of 12 lots of highway bundles of over 6,000km before 2024
* National Logistics Policy will soon be released, creating single window e-logistics market
* Project Preparation Facility to be set up for preparation of infrastructure projects, actively involving young engineers and management graduates
* Fibre to Home connections under Bharat Net will be provided to 1 lakh gram panchayats this year itself, 6,000 crore rupees provided for Bharat Net
* Soon, policy for private sector to build Data Centre Parks throughout the country
* National Gas Grid to be expanded from 16,200 km to 27,000 km
WOMEN & NUTRITION
* Gross Enrolment Ratio is now higher for girls than for boys at all levels under 'Beti Bachao Beti Padhao'
* 28,600 crore rupees provided for programmes which are specific to women
* 35,600 crore rupees for nutrition-related programmes in 2020-21
* Over 6 lakh anganwadi workers have been equipped with smartphones to upload the nutrition status of 10 crore households.
OTHER SECTORS
* 85,000 crore rupees for Scheduled Castes and Other Backward Classes in 2020-21 53,700 crore rupees for Scheduled Tribes Enhanced allocation of 9,500 crore rupees for Senior citizens and Divyangs
* Five archaeological sites to be developed as iconic sites
* 2,500 crore rupees to be allocated for tourism promotion, in 2020-21
* 3,150 crore rupees to be provided for culture ministry in 2020-21
* Parameters and incentives to be provided to states who take measures for cleaner air in cities above 1 million population - 4,400 crore rupees allocated for this
* India will host G20 Presidency in 2022, 100 crore rupees to be allocated for making preparations for this historic occasion, where India will drive global economic agenda

UNION BUDGET (केन्द्रीय बजट) OFFICIAL WEBSITE: CLICK HERE

PAST YEAR 2019-2020

OLD TAX SLAB

Income Tax Slabs & Tax Rate in India for Financial year 2019-2020 – Budget 2019 Updates


New Tax Slab Rates- for the individuals opting for new income tax regime

Up to Rs 2.5 lacs – No tax

2.5 to 5 lacs – 5%

5 lakh to 7.5 lakh – 10%

7.5 lakh to 10 lakh – 15%

10 lakh to 12.5 lakh- 20%

12 lakh to 15 lakh- 25%

Above 15 lakh- 30%


These rates will be applicable to individuals who will give up all the exemptions and deductions prevailing under the income tax laws.

Income Tax SlabsTax Rate for Individual & HUF Below the Age Of 60 YearsUp to ₹2,50,000*Nil₹2,50,001 to ₹5,00,0005% of total income exceeding ₹2,50,000₹5,00,001 to ₹10,00,000₹12,500 + 20% of total income exceeding ₹5,00,000Above ₹10,00,000₹1,12,500 + 30% of total income exceeding ₹10,00,000

No tax for individuals with income less than ₹ 2,50,000

0%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups

20% tax with income ₹ 5 lacs to 10 lacs

30% tax with income above ₹ 10 lacs

Investments upto ₹ 1.5 lacs under Sec 80C can save ₹ 46,800 in taxes. Invest Now

UNION BUDGET (केन्द्रीय बजट) OFFICIAL WEBSITE: CLICK HERE


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