IndiaвЂ™s Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman, on 1, 2020 tabled the Union Budget for the FY 2020-21 in the Lok Sabha february. She announced a brand new tax regime as well as the current one, to offer relief to specific taxpayers.
Nevertheless, this brand new regime is optional therefore the taxpayers can select involving the old as well as the brand brand brand new, basis their suitability. The new regime has foregone specific deductions and exemptions. The taxation prices have now been reduced, but taxpayers will need to forego exemptions when selecting the brand new taxation regime.
Why don’t we take a good look at the income tax rates of individuals whoever age is not as much as 60 years under both the regimes:
|tax slabs||taxation price (Old Regime)||taxation rate ( brand brand New Regime)|
|as much as 2.5 lakhs||Nil||Nil|
|Above 15 lakhs||30%||30%|