First Time Dual Income Tax Rates For Individuals in Income Tax

• June 4, 2020
• CA Chandan Agarwal's Office

Every time the Finance Minister makes the changes in the Income Tax at the time of presentation of annual budget proposals. This year a historical change is announced by the Finance Minister along with the various provisions that keep changing in the Budget, 2020. A new section (Section 115BAC) is added in the Income Tax Act, 1961, and provided two different rates of income tax. These dual tax slabs are provided the first time in the history of the direct taxation in India. According to this section 115BAC, an option is given to an individual to go either with the “New Tax The regime” or continue to be taxed their income by “Old Tax Regime”.  The new tax slab and old tax slabs for the Assessment Year 2021-22 and onward is:

Income Slabs Rates for Individual – Old Tax Regime Vs. New Tax Regime

Read on me: https://taxguru.in/income-tax/time-dual-income-tax-rates-individuals-income-tax.html