Assessment Year 2021-22
The new tax regime does not allow the taxpayers to avail themselves of certain deductions and exemptions whereas the old tax regime provides that the taxpayers can claim deductions and exemptions which are available to them.
The budget 2020, saw the finance minister Nirmala Sitharaman announce a new tax regime with more tax slabs and lower tax rates. This was long demanded by most taxpayers, but it came up with the catch of removal of all the deductions and exemptions available.
Before 2012-13, the basic tax exemption limit was segregated for male and female taxpayers. Women enjoyed a higher basic exemption limit when it came to tax payments on their income earned.
In India, tax laws divide taxpayers into different groups as per their taxable income and levy income tax at different rates. These groups are called Income Tax Slabs and rates are called …
The New Income Tax Slab (New Tax Regime) was introduced vide section 115BAC, which is applicable to individual and HUF assessee only and allows them to pay tax at lower rates.
In India, tax laws divide taxpayers into different groups as per their taxable income and levy income tax at different rates. These groups are called Income Tax Slab. This type of taxation …
It is to be noted that the tax rate in the new tax regime is the same for all categories of individuals and HUF
Income Tax is levied on the income earned by all the individuals, HUF, partnership firms, LLPs, and corporate as per the Income Tax Act of India. In the case of individuals, tax …