Union Budget 2020: FM Nirmala slashes income tax rates under optional no-deduction regime

In her Budget 2020-21 speech, Union Finance Minister Nirmala Sitharaman announced a new optional income tax regime. Under the new regime, tax slabs have been reduced for annual incomes up to Rs 15 lakh. Full exemption continues for annual income up to Rs 5 lakh. Taxpayers can continue under the old regime if they want.