IS OPTIONAL TAX SALB IS BENEFIT TO SALALRIED INDIVIDUAL....?
As the financial year end, every salaried individual is thinking about their taxes and income calculation for the financial year 2020-21 . From that financial year individual are also select income tax slab as new optional tax slab introduced in finance act, 2020. Now , individual have option to go either with: Old income tax rate and avail all exemption and deduction as available earlier. or Select New lower concessional income tax rate and withdraw certain exemption and deduction . (Insert with as section 115BAC ) ( THIS NEW OPTION IS AVAILABLE FOR INDIVIDUAL HAVING ALL 5 HEAD INCOME BUT HERE OUR DISCUSSION IS BASE ON SALARY AND OTHER SOURSE INCOME) Income tax rate under both option are as follow INCOME TAX SLAB (NET INCOME) OLD TAX RATE NEW TAX RATE 0- UPTO 250,000 NIL NIL 250,001- 500,000 5% 5% 500,001...