369: Decoding New Income Tax Rules Under Union Budget 2020 - a podcast by The Quint
from 2020-02-01T13:53:04
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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.
Guest: Priyanka Sambhav, Consumer Expert
Host and Producer: Vishnu Gopinath
Editor: Shelly Walia
Music: Big Bang Fuzz
Additional Reading:
Budget 2020: Income Tax Reduced, But There’s A Catch
Govt Has Announced Many Measures to Push Employment: PM on Budget
Budget 2020: FM Proposes 16-Point Action Plan to Boost Agriculture
Forget HRA, Home Loan Exemptions If You Opt For New Tax Regime
Click here for our complete coverage of the Union Budget 2020.
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