On 1 February 2020, India's Ministry of Finance, Nirmala Sitharaman, delivered the Union Budget 2020-2021. Key tax measures covered as part of the Budget Speech are summarized as follows:
- The introduction of a new optional personal income tax regime that includes limited deductions/exemptions and reduced rates as follows:
- INR 0 to 250,000 - 0%
- INR 250,000 to 500,000 - 5%
- INR 500,000 to 750,000 - 10%
- INR 750,000 to 1,000,000 - 15%
- INR 1,000,000 to 1,250,000 - 20%
- INR 1,250,000 to 1,500,000 - …