Personal Finance Budget 2020: What tax experts, govt officials are saying about new slabs and exemptions Updated : February 02, 2020 07:01 PM IST Under the proposed I-T slab, those earning between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while those between Rs 7.5 and 10 lakh at 15 per cent. Tax payers will have the option to choose between the existing income tax regime and the new regime. 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.