Hello Freinds this FY in the Union Budget 2020 has Introduced Section 115BAC where slab rates has changed in case of Old Regime Deduction is 5% upto 5 Lakhs. My gross Salary is 3,50,000/- pa my question is which would be better choice for me whether i should opt for an option under section 115BAC towards new regime or should I must opt for Form No.12BB (See Rule 26C). Thanks.
1 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 25 July 2020
No tax up to Rs. 5,00,000 taxable income, as Rebate under section 87A is available if you Income is up to 5,00,000/-
So, it's not make any difference if you choose old tax regime or new tax regime.
in both the case your tax liability is Zero.
So, it's not make any difference if you choose old tax regime or new tax regime.
in both the case your tax liability is Zero.
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