Here’s Why You May End Up Paying More Income Tax Under New Budget
There’s a lot that’s worrisome about the new income tax rules. If you’re uninformed, you might pay much more in tax.
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 percent more in income tax on the SAME income you’ve been earning!
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
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