Write a Java programs based on Total Annual Taxable Income Tax Rate Up to Rs. 1,00,000 No tax From 1,00,001 to 1,50,000 10% of the income exceeding Rs. 1,00,000 From 1,50,001 to 2,50,000 Rs. 5000 + 20% of the income exceeding Rs. 1,50,000 Above Rs. 2,50,000 Rs. 25,000 + 30% of the income exceeding Rs. 2,50,000.
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The Union Budget 2020 introduced a new income tax regime with reduced tax rates for those willing to forego 70 tax-exemptions and deductions under it. This new tax system has been made optional and continues to co-exist with the old one that comprises of three tax rates and various exemptions and deductions available to a taxpayer. The new income tax slabs and rates have come into effect from April 1, 2020.
If a taxpayer has opted for the new regime, then his income will be taxed as per the following tax rates:
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