Nirmala Sitharaman announced cuts in the income tax and will lower the income tax a salaried individual pays. 

Nirmala Sitharaman announced cuts in the income tax and will lower the income tax a salaried individual pays. 

Finance Minister Nirmala Sitharaman has announced cuts in the income tax while presenting the Union Budget 2020. Sitharaman unveiled a new income tax regime that she said will lower the income tax a salaried individual pays. 

Under the new proposed regime, the income tax slabs will be as follows:

- For incomes of up to Rs 5 lakh per year, there will be no income tax.

- For incomes between Rs 5 lakh and Rs 7.5 lakh per year, the income tax to be paid will be 10 per cent.

- For incomes between Rs 7.5 lakh and Rs 10 lakh per year, the income tax to be paid will be 15 per cent.

- For incomes between Rs 10 lakh and Rs 12.5 lakh per year, the income tax to be paid will be 20 per cent.

- For incomes between Rs 12.5 lakh and Rs 15 lakh per year, the income tax to be paid will be 25 per cent.

- For incomes above Rs 15 lakh per year, the income tax to be paid will be 30 per cent.