Economy Budget 2020: Govt revises income tax rates, proposes new tax slabs Updated : February 02, 2020 09:29 AM IST According to the current rules, a slab system functions across the country, where different tax rates have been prescribed for different slabs. According to the proposal, if the total income of an individual falls in the bracket of Rs 5 lakh- Rs 7.5 lakh, 10 percent tax will be payable. For individuals earning Rs 7.5 lakh to Rs 10 lakh, tax will be deducted at the rate of 15 percent. 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.