Finance Minister Nirmala Sitharaman, introduces the new Income Tax Regime for the year 2020-21. The new income tax slabs are quite different from the old tax rates. If a taxpayer wants to avail of the benefits of New Income Tax Regime, he or she has to forgo over 70 exemptions that are offered in old income tax slabs. Taxpayer has to decide between the old and new tax slabs. Col. Midha is helping us here to understand the key difference between the old and new income tax rates along with the exemptions removed in new regime…… (Part – 1)
