Budget 2020: Employer's contribution to Employees' Provident Fund (EPF), National Pension System (NPS) and superannuation fund above Rs 7.5 lakh to be taxed

Meanwhile, customs duty on newsprint and lightweight coated paper was halved to 5 per cent. The government had imposed a customs duty of 10 per cent on these two items in the last Budget

The new tax regime, though optional, will require taxpayers to forego various tax exemptions available in the old regime. The net benefit, thus, may not be positive for all taxpayers

Finance Minister Nirmala Sitharaman has announced new income tax rates during the session of Budget 2020. Those earning Rs 5-7.5 lakh would be liable to pay just 10 per cent, while those earning up to Rs 5 lakh in a year would pay no tax. The rates would be significantly reduced for those who forego reliefs, exemptions, Sitharaman said. While the government had announced changes in the tax slabs by raising income tax slabs, those availing these new slabs would not be eligible for rebates and exemptions. \"In this new personal income tax regime, income tax rates will be significantly reduced for the individuals who forgo certain exemptions and deductions,\" the FM said. Watch the video for more.Also Read: Income Tax calculation: You can save up to Rs 31,200 under new tax slabs

Union Budget 2020: Finance minister Nirmala Sitharaman introduced an optional personal income tax regime with the intention to simplify income-tax filing and reduce the tax burden on individual taxpayers

\"An individual who is currently availing more deductions and exemption under the Income-tax Act may choose to avail them and continue to pay tax in the old regime,\" FM Sitharaman said

Budget 2020: In today's speech, the FM broke her own record and delivered the longest Union Budget speech, which was 159 minutes long

Budget 2020: Industry body FICCI welcomed Budget 2020, saying this could be a Budget which is a step towards further empowering individual, industry and the nation as a whole

Ashutosh Mishra, Head of Institutional Equity, Ashika Stock Broking, says, \"Removal of 80-C deduction is a big negative for the insurance sector\"

Budget 2020: FM Sitharaman said that around 70 of more than 100 income tax deductions and exemptions have been removced to simplify IT filing

Budget 2020: The new income tax regime, however, will not have any exemption or deductions and will be optional

Budget 2020: New income tax rates will be optional, says FM; those earning up to Rs 5 lakh in a year will pay no tax; Centre to forego Rs 40,000 crore per annum revenue from new income tax rates

Union Budget 2020: The consumer durables industry is seeking incentives for local manufacturers, reduction in taxes on eco-friendly and energy-efficient products and waiver of customs duty on imported inputs to make components

Union Budget 2020: Individual taxpayers, corporates, common man, tax experts, everyone will be keenly watching the announcements made by the finance minister on the budget day

Budget 2020 expectations: For real estate, it is not just the new paradigm of Real Estate Regulatory Authority (RERA), but also the development of new segments of real estate which have the potential to change the narrative

Budget 2020: Individual taxpayers can claim various exemptions to minimise tax liability. One can claim perks, perquisites or tangible benefits entitled under Income Tax Act

Budget 2020: The ministry is also planning to permit tax exemptions of up to Rs 2.5 lakh for savings under Section 80 C (of the Income Tax Act)

Union Budget 2020 Live Updates: PM Modi says budget will increase income, investment, demand and consumption, and will bring new vigor in financial system and credit flow

Finance Minister Nirmala Sitharaman is presenting her second consecutive Union Budget in Parliament today

Budget 2020: With a few days to for the Union Budget 2020, India Inc expects finance minister Nirmala Sitharaman to strike a fair balance between falling consumption, revenue shortfall and high rate of unemployment