Finance Modi government yet to decide on personal income tax cut in union budget 2020 Updated : January 25, 2020 12:13 PM IST According to sources under discussion is to move up the existing tax slabs, especially the Rs 5 lakh slab to a higher range of Rs 6 lakh or Rs 7 lakh. Another proposal is to increase tax-saving measures through various options under Section 80 of the Income Tax Act especially for relief on home loans, National Pension System. The government is also considering to introduce new tax saving options through infra bonds. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.