Budget 2020 - Personal Taxes
A lot of changes have been proposed to personal income taxes in the recent budget. This blog aims to capture most tax changes impacting the common man.. Changes to Personal Income Tax Assessees can now opt for a new simplified tax regime if they forego all current exemptions (mainly salaried class) such as LTA, HRA & 80C deductions. It also includes foregoing set-off of losses from house property against salary income. 1. 5% tax for income between Rs 2.5 and Rs 5 lakh 2. 10% tax for income between Rs 5 and Rs 7.5 lakh 3. 15% tax for income between 7.5 lakh and 10 lakh 4. 20% tax for income between 10 lakh and 12.5 lakh 5. 25% tax for income between 12.5 lakh and 15 lakh 6. 30% tax for income above 15 lakh Criteria for Non-Resident Indian (NRI) status A person who stays more than 240 days abroad is considered a NRI and can enjoy the respective tax reliefs available. Anyone staying less than 240 days abroad in a financial year is considered as a TAX RESIDENT of India and would be...