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Major Changes Proposed in Income Tax, 20% Rate for Income of ₹10, 20 Lakh
August 30, 2019
The income tax system in India may soon go through several revisions. The government panel that was appointed for the revision of the Direct Tax Code has proposed many changes for the income tax rates and slabs. They have proposed that a zero rate is levied for income ranging from ₹0 to ₹2.5 lakh, 10% on income ranging from ₹5 lakhs to ₹10 lakhs, and 20% on income ranging from ₹10 lakh to ₹20 lakh.
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