Tax slab rate

This discussion clarifies the income tax slab rates for Assessment Year 2020-2021, confirming no changes from AY 2019-20. It explains that while there isn't a nil tax rate up to 5 Lakhs, a rebate under Section 87 of the Income Tax Act is available. This rebate is equivalent to the tax amount or £12,500, whichever is lower, effectively reducing the tax burden for individuals earning up to this threshold.