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Understanding the New and Old Tax Regimes: Navigating The Tax Planet

Explore the intricacies of tax administration with The Tax Planet's comprehensive guide to both the New Tax Regime and the Old Tax Regime. Enhance your understanding of taxation complexities, stay well-informed, and make informed financial choices. Our platform ensures you are well-equipped to optimize your financial strategy by delivering insightful information on the latest developments in tax laws. To know more, visit: https://www.thetaxplanet.com/blog/do-you-know-you-have-the-choice-to-choose-your-tax-rates-know-about-new-tax-regime-and-old-tax-regime

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Understanding the New and Old Tax Regimes: Navigating The Tax Planet

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  1. TAX REGIME

  2. THE NEW TAX REGIME Under section 115BAC, the Budget 2020 introduces a new regime giving an option to taxpayers to pay income tax at lower rates. The new tax regime comprises six tax slabs with prevailing rates reduced on income up to Rs. 15 lakh.

  3. Slab Rates INCOME FROM RS 2.5 LAKH TO RS 5 LAKH 5% INCOME FROM RS 5 LAKH TO RS 7.5 LAKH 10% INCOME FROM RS 7.5 LAKH TO RS 10 LAKH 15% INCOME FROM RS 10 LAKH TO RS 12.5 LAKH 20% INCOME FROM RS 12.5 LAKH TO RS 15 LAKH 25% INCOME ABOVE RS 15 LAKH 30%

  4. THE OLD TAX REGIME The old tax regime is the existing tax regime according to which all taxpayers earlier use to pay the taxes. The old regimes include 3 tax slabs, for which the pros and cons can be checked below.

  5. Slab Rates INCOME FROM RS 2.5 LAKH TO RS 5 LAKH 5% INCOME FROM RS 5 LAKH TO RS 10 LAKH 20% INCOME ABOVE RS 10 LAKH 30%

  6. CONTACT US Phone Number +91 (981) 109-4733 Website www.thetaxplanet.com Address 10 ,Basement, Vinoba Puri, Lajpat Nagar II, New Delhi, Delhi 110024

  7. THANK YOU

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