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New optional tax regime of India reduces income tax rates: Nirmala Sitharaman

New optional tax regime of India reduces income tax rates: Nirmala Sitharaman

Feb 01, 2020, at 01:22 pm

New Delhi/IBNS: Union Finance Minister Nirmala Sitharaman announced a new tax regime for Indians where a person earning upto Rs 5 lakh will not pay any tax while the rates were slashed between five to ten percent for other income categories from above INR 5 lakh to INR 15 lakh. Those opting for this scheme will however, not enjoy the previous exemptions.