Under the new tax rates as per the Budget 2020, there will be as given below:- 1) 10% tax required for incomes between 5 Lakh to 7.5 lakh per annum, 2) 15% for 7.5 Lakh to 10 lakh for every annum 3) 20% for 10 Lakh to 12.5 lakh per annum, 4) 25% tax for income between 12.5 lakh to 15 lakh, 5) 30% tax for income over 15 lakh The Finance Minister Nirmala Sitharaman reported a critical cut in the tax rates for the salaried class in her Budget…