InvestorQ : Can the taxpayer switch between the new and old tax regime year to year as per Budget2020?
Sadaf Khan made post

Can the taxpayer switch between the new and old tax regime year to year as per Budget2020?

Answer
image
Nishita Gala answered.
1 year ago
Follow
The new tax regime has been introduced with six slabs. However, the regime has been kept optional. This means that those who think they are better off in the old regime, they can continue with it and those who feel that they would be benefitted under the new regime, can go with it. However, the best part about this is that the option is available on a year-to-year basis, you can decide the most beneficial option for you according to the income derived and savings made every year.

The year-on-year basis option is however not applicable to businessmen. Also, the new tax regime shall be available without any exemptions and deductions, which means that if you will opt for the new regime, you will have to pay tax at flat rates.





2 Views