As per Financial Budget 2020, From 1st April 2020 There is New Income Tax Regime comes into force for FY 2020-21.
New Income Tax Regime : Advantages and Disadvantages
- New Income Tax Structure is applicable to Person who is not having Income from Business and Profession. However its optional on the hand of Tax Payer.
- New Tax Scheme tax rates are lower subject to avoiding Tax Deduction and Tax Exemption.
- New Tax Regime Rates are as:
- Income Upto Rs. 2,50,000 : Tax Rate is Nil
- Income From Rs. 2,50,001 to Rs. 5,00,000 : Tax Rate is 5%
- Income From Rs. 5,00,001 to Rs. 7,50,000 : Tax Rate is 10%
- Income From Rs. 7,50,001 to Rs. 10,00,000 : Tax Rate is 15%
- Income From Rs. 10,00,001 to Rs. 12,50,000 : Tax Rate is 20%
- Income From Rs. 12,50,001 to Rs. 15,00,000 : Tax Rate is 25%
- Income Above Rs. 15,00,000 : Tax Rate is 30%
- Tax Payer can choose between New Tax Scheme with lower tax rates without Deduction and Exemptions or Old Tax Regime with deduction and exemptions.
- Following Deductions and Exemptions will not allow to tax payer if they choose New Income Tax Regime:
- Standard Deduction (Rs. 50,000) from Salary and profession tax will not allow in new regime
- House Rent Allowance (HRA) will not allow in new regime
- Housing Loan Interest (Rs. 2,00,000-Maximum) will not allow in new regime
- Leave Travel Allowance (LTA) will not allow in new regime
- Deduction Under Chapter VIA of The Income Tax Act, 1961 will not allow under New Tax Regime :
- Section 80C Deductions : Life Insurance Premium, Tax Saving Mutual Fund, Housing Loan repayment etc
- Sec 80CCC : Pension Premium
- Section 80D: Health Insurance Policy premium
- Section 80TTA: Saving Bank Interest Deduction
- All Chapter VIA Deductions.
- Thus, New Tax Structure is much complicated compare to old Income Tax Structure.
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