Budget 2020: Rs 1.95 Lakh Tax On Rs 15 Lakh Income? Here's How It Works

The new rules will be optional, Nirmala Sitharaman said in her budget speech.

Finance Minister Nirmala Sitharaman on February 1 presented the longest-ever Union Budget 2020 speech in parliament as the government unveiled a budget vowing to boost people's income and purchasing power.

In a major relief for the salaried class, the government proposed to cut income tax rates and change slabs to lower tax incidence for those earning up to Rs 15 lakh a year. She also asserted that "tax harassment" would not be tolerated.

The Finance Minister said the three major themes of the Budget are aspirational India, a caring society and economic development for all.

Beginning her presentation in parliament with a tribute to former Finance Minister Arun Jaitley who died last year, Ms Sitharaman termed the GST "historic structural reform". Ms Sitharaman, 60, did not complete her speech as the 60-year-old reportedly felt unwell after speaking for over 2.5 hours.