Budget 2020: Two income tax slabs confuse people | Master Stroke

"A person earning Rs 15 lakh per annum and not availing any deductions will now pay Rs 1.95 lakh tax in place of Rs 2.73 lakh," the Finance Minister said while presenting her second Union budget in the Lok Sabha. 

Terming the new tax rates and slabs as simplified one, she said that the new reduced rates would apply for those who agree to forego all other exemptions available under the Income Tax Act.