All the taxpayers are known that the New Tax System introduced in Budget 2020 U/s 115 BAC For the F.Y.2020-21. In this The system you can choose your option as Old Tax Slab or New Tax Slab U/s 115 BAC.
In this regard you must know your Tax that you shall be paid to the Government for the Financial Year 2020-21 and Assessment Year 2021-22. As per Section 115 BAC you can choose your option as New or Old tax Regime. When you submit your Income Tax Details to your Employer or Deductor, you must mention your Option as New or Old Tax Regime.
For some information to the taxpayers about the new section 115 BAC:-
1) If you choose New Tax Regime then you can not entitle any Income Tax Benefits as per Income Tax Act 1961 and also you can not get the Old Tax Slab as before the F.Y.2019-20. But You can get only one Tax Benefits for NPS (Pension Scheme) U/s 80CCD. Follow the below the New Income Tax Slab Rate Chart for the F.Y.2020-21 as New Tax Regime.
2) If you choose Old Tax Regime then you can get the all Income Tax Benefits as per the Income Tax Act 1961 and You can avail the Old Income Tax Slab Rate as per the F.Y.2019-20. You can get all the Income Tax Sections benefits if you choose the Old Tax Regime. Follow the below the New Income Tax Slab Rate Chart for the F.Y.2020-21 as New Tax Regime.
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