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Showing posts with label New Provisions of Finance Act 2020 as per Budget 2020. Show all posts
Showing posts with label New Provisions of Finance Act 2020 as per Budget 2020. Show all posts

Sunday, 19 April 2020


All Individuals & HUF can prefer to pay tax as per new slab rates without availing exemptions & deductions for the fiscal year 2020-21 and Assessment Year 2021-22 as per the Budget 2020.
The option has been given to all or any individuals/HUF to pay tax as per new slab rates (Optional tax regime) on total income computed without claiming any deductions/exemptions – As per Sec 115BAC inserted by Finance Act, 2020 -Applicable from FY 2020-21 (AY 2021-22). Below table summarizes tax rates as per optional tax regime Vs. old rates: