Finance Minister Nirmala Sitharaman is presenting the much-awaited budget in the Lok Sabha of India today (February 1, 2020). This budget is considered to be very important in the year of the weakest growth of the last decade. All the hopes including a reduction in tax slab, relief package for farmers, optimizing the business environment are from this budget. Earlier on Friday, Finance Minister Nirmala Sitharaman presented the economic survey

For your information, tell us that the exemption of the old slab will have to be waived when tax is given in the new slab. There will be an option to choose the new or old tax slab on the taxpayer.

25% tax on 12.5 lakh to 15 lakh

12.5% to 15 lakhs will be a 25% tax. Income above 15 will be taxed at 30 percent.

20% tax on income from 10 to 12.5 lakh

20% tax will be given on income from 10 to 12.5 lakh rupees. Income above 15 lakh will be taxed at 30 percent.

15% tax on 7.5 lakh to 10 lakh earnings

15% tax will have to be paid on earning from 7.5 lakh to 10 lakh rupees.

5 to 7.5 lakhs but will give 10% tax

Giving tax relief, Finance Minister Nirmala Sitharaman announced a 10% tax on earnings ranging from Rs 5 lakh to Rs 7.5 lakh. Earlier it was 20 percent.

Banks will be responsible for deposits up to 5 lakh rupees, so far the limit was 1 lakh

Now instead of 1 lakh in banks, an amount up to Rs 5 lakh deposited in the bank will be safe.

Sensex drops 600 points, budget disappointed investors

Union Budget 2020: Announcement of building Tribal Museum, will increase the age of girls to become mothers

Budget Session 2020: Government will give insurance cover on 5 lakh salary