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Q- What is the new tax slab proposed under Budget 2020?

Ans. As per the proposals made in Budget 2020, the new tax slab would be as follows (AY 2021-22)

Particulars Individual(Ageless than 60 Years) Senior Citizen (Age 60 Years & Above) Super Senior Citizen (Age 80 Years & Above)
Up to INR 250,000 Nil  Nil  Nil 
INR 250,000 to INR 300,000 5% Nil  Nil 
INR 300,000 to INR 500,000 10%  Nil  Nil 
INR 500,000 to INR 10,00,000 20%  20%  20% 
INR 10,00,000 30%  30%  30% 
Q- To whom would the new tax slab impact?
Q- Is it mandatory to use the new tax slab rates?
Q- Am i able to avail of deductions under the new tax regime?
Q- Are NPS contributions eligible for deductions under the new tax regime?
Q- What other tax changes are proposed within the new Budget 2020?
Q- Is standard deduction from salary available under the new tax slab?


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