Finance Minister Nirmala Sitharaman announced budget 2020 on 1st Feb 2020. In this budget, the key features regarding income tax described below:
Income Tax Slab for the FY 2020-21 AY 2021-22
| Net Income Range | Income Tax Rate |
| Upto Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to 5,00,000 | 5% |
| Rs. 5,00,001 to 7,50,000 | 10% |
| Rs. 7,50,001 to 10,00,000 | 15% |
| Rs. 10,00,001 to 12,50,000 | 20% |
| Rs. 12,50,001 to 15,00,000 | 25% |
| Above Rs. 15,00,000 | 30% |
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