New Income Tax Rates, Revised Income Tax Slab for FY 20-21 takeaways: New income tax slabs and rates have been introduced by FM Nirmala Sitharaman on the personal tax front in Union Budget 2020 speech in Lok Sabha. These new income tax slabs and rates however came with a catch, the taxpayer will now have to forego certain exemptions. Personal income tax rates along with important sections such as Section 80C, deductions under Chapter VIA, standard deduction are critical elements that are watched closely by taxpayers.
Financial Express Online has a technologically advanced, user-friendly income tax calculator. You can check your income tax payment amount based on the current personal tax rates. The income tax calculator will be updated if there is a change in the Income Tax rates in Budget 2020.