Finance Minister Nirmala Sitharaman had announced a new regime for personal taxation while presenting the Union Budget. Minor changes have been effected in the tax brackets, and individual tax payers now have the option to continue with the existing tax structure or shift to the new slabs for FY 2020-21. With the new tax regimen, the central government has further sub-categorised income slabs, primarily for those declaring incomes between Rs 5 lakh and Rs 15 lakh.
For many working professionals, it augurs well to take advantage of the various deductions and exemptions that can significantly reduce their taxable income. However, the new concessional tax regime that was announced in the Budget 2020 comes with a cost. Read this premium article and find out which one will benefit you.