What is new tax slab after Budget 2020?

Income tax slab rate FY 2020-21 (AY 2021-22) – Applicable for New Tax regime

Income Tax Slab	New Regime Income Tax Slab Rates FY 2020-21 (Applicable for All Individuals & HUF)
Rs 7.5 lakhs – Rs 10.00 Lakhs	15\%
Rs 10.00 lakhs – Rs. 12.50 Lakhs	20\%
Rs. 12.5 lakhs- Rs. 15.00 Lakhs	25\%
> Rs. 15 Lakhs	30\%

What is FY 2019/20 tax slab?

INCOME SLAB AND TAX RATES FOR F.Y. 2019-20/A.Y. 2020-21

Taxable income	Tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,001 to Rs. 5,00,000	5\%
Rs. 5,00,001 to Rs. 10,00,000	20\%
Above Rs. 10,00,000	30\%

What is the exemption limit for income tax 2019 20?

Therefore, under the new tax regime, basic exemption limit will remain Rs 2.5 lakh for all taxpayers.” Do keep in mind that only individuals having no business income in a financial year are eligible to choose between both the tax regimes every year.

Is there any standard deduction for FY 2019 20?

The standard deduction for salaried taxpayers has been raised from Rs. 40,000 to Rs. 50,000 from the FY 2019 – 20 onwards.

What is the tax schedule for 2020?

2020 Tax Rate Schedule 2020 Tax Rate Schedule

Taxable Income1	Federal Tax Rates
Married Filing Separately	Head of Household	Federal Income
$0 – $9,875	$0 – $14,100	10\%
$9,876 – $40,000	$14,101 – $53,600	12\%
$40,001 – $40,125	$53,601 – $53,700	12\%

What is the current tax slabs in India?

Income Tax Slabs & Rates 2020-2021

Income Tax Slab	Tax rates as per new regime
₹0 – ₹2,50,000	Nil
₹2,50,001 – ₹ 5,00,000	5\%
₹5,00,001 – ₹ 7,50,000	₹12500 + 10\% of total income exceeding ₹5,00,000
₹7,50,001 – ₹ 10,00,000	₹37500 + 15\% of total income exceeding ₹7,50,000

What is the standard deduction for 2020?

2020 standard deduction amounts

Filing status	2020 standard deduction amount
Head of household	$18,650
Married filing jointly	$24,800
Qualifying widow or widower	$24,800
Married filing separately	$12,400