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Budget Chats: Will new tax slabs benefit you?

Last updated on: February 03, 2020 16:14 IST
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Both the chats are over now. We will publish the chat transcripts tomorrow, Feb 4.

Tax experts G Srikanth and Anil Rego will answer all your tax queries in two different chats between 1 pm and 4 pm on Monday, February 3

When finance minister Nirmala Sitharaman announced a new set of tax slabs and corresponding tax rates there was a wave of relief as taxpayers thought it would leave them with more money in their hands.

Soon enough it became clear that only those willing to forego their existing tax exemptions would be able to avail of the new tax slabs and rates leading to a lot of confused queries coming our way

According to the Union Budget 2020-21 the proposed tax slabs are as follows:

Between Rs 5 and Rs 7.5 lakh: 10%

Between Rs 7.5 lakh and Rs 10 lakh: 15%

Between Rs 10 lakh and Rs 12.5 lakh: 20%

Between Rs 12.5 lakh and 15 lakh: 25%

Above Rs 15 lakh: 30%

But to opt for this new tax scheme, taxpayers will have to forego the existing exemptions they get under Section 80C, Section 80D, etc.

So, as taxpayers, what should you do? Opting for which tax regime will put more money in your pocket?

How much more will you be able to save if you opt for the new scheme instead of the existing one?

You can ask these and many more confusing questions about how to solve your tax confusion to our experts next week.

On Monday, February 3, between 1 pm and 2 pm, tax expert G Srikanth will answer your tax related queries.

Srikanth is partner in GSV Associates, Chartered Accountants,Chennai and member of the Institute of Cost and Management Accountants, with over 25 years’ practice of direct taxes at the assessment and appellate levels.

Soon after between 3 pm and 4 pm, personal finance Anil Rego, will answer more queries on which income tax regime taxpayers should go for depending in their tax slabs.

Anil Rego is the Founder & CEO of Right Horizons, an end-to-end investment advisory and wealth management firm with multi-metro presence.

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