Decoding New Income Tax Rules Under Union Budget 2020

Episode 369,  Feb 01, 2020, 01:53 PM

The Union Budget 2020 has made major revisions to the income tax system. Tax slabs have been revised, tax rates have been lowered but at least 70 out of 100 exemptions that we could claim till this year, will now have to be surrendered if you opt for the new tax regime. In some cases, you could end up paying almost 200% more in income tax on the SAME salary you’ve been making!

There’s also another, BIG change - the new tax regime, for the financial year 2020-21 is optional. Taxpayers can opt to pay tax under the previous tax slab, or under the new slab. But wait! If you opt for the new tax regime, you can’t opt to go back to the old one.

There’s a lot of confusion, so today, I’m joined by consumer expert Priyanka Sambhav, who’ll help us decode the confusion around the new tax regime and what you need to know.