India's government announced a tax relief for fiscal year 2020-21 in an attempt to boost consumption and growth. It includes reducing the personal income tax rate for individuals earning less than Rs 15 lakh per annum, while those earning above Rs 15 lakh per annum will continue to pay 30 percent without any exemptions, Finance Minister Nirmala Sitharman announced in the Union Budget 2020. Taxpayers will now pay 10 percent, 15 percent, 20 percent and 25 percent for incomes between Rs 5-7.5 lakh, Rs 7.5-10 lakh, Rs 10-12.5 lakh and Rs 12.5-15 lakh, respectively. The new regime will be optional, and the new rates will be subject to giving up deductions and exemptions.
Personal Income Tax Rate in India averaged 32.39 percent from 2004 until 2020, reaching an all time high of 35.88 percent in 2018 and a record low of 30 percent in 2005. This page provides - India Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India Personal Income Tax Rate - values, historical data and charts - was last updated on July of 2020.
Personal Income Tax Rate in India is expected to reach 35.88 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Personal Income Tax Rate is projected to trend around 35.88 percent in 2021, according to our econometric models.