RSM India

Newsflash - Employees Guidance on New vs Old Tax Regime for Individuals - April 2020

With respect to individual taxation, the Finance Act 2020 has introduced  new taxation regime for Individuals / HUFs (exercisable at their option), which provides for reduced slab rates if no specified deductions are availed by the taxpayer. The old tax regime, which provides for specified deductions shall continue and the individual can opt for the old or new regime, whichever is beneficial to them.

In this regard,  we have tried to provide an overview of the new and old tax regime for employees guidance in the enclosed newsflash and which may assist them in better decision making, while choosing their tax regime for Financial Year 2020-21.

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