The highlight of Budget 2020 speech was“new, simple and reduced income tax slabs”. It was very well received by the audience and people were exited that they would save a lot of money! But as usual the devil lies in the details. We went through the finance bill and as we read thro...
Whether one should take old or new tax slabs epends on the deductions one plans to take. Deductions like 1.5 lakh under 80C, Standard deduction of Rs 50,000(available from FY 2023-24 in revised new Tax Regime) and LTA and HRA for salaried, Home Loan Interest. Income Tax slabs in old...