Budget 2020 has proposed a new lower income tax rate regime which is optional in nature. The option of lower income tax rates (sans tax-exemptions and deductions) under the new tax regime can be exercised by an individual at the time of filing of income tax return (ITR) as per the Finance Bill, 2020.
Can you choose between existing income tax regime and new optional regime every year? Comments by Naveen Wadhwa
Tax rates for Assessment Year 2021 - 22 with updated Taxmann Tax Calculator updated as per Finance Bill, 2020