Budget 2020 - an Analysis by team Arun Valera
DIRECT TAX Personal Tax Option A - New Regime under section 115BAC for personal taxation For Individuals and HUFs Income Tax Rate (%) Upto Rs. 2,50,000 0% Rs. 2,50,001 to Rs. 5,00,000 5% Rs. 5,00,001 to Rs. 7,50,000 10% Rs. 7,50,001 to Rs. 10,00,000 15% Rs. 10,00,001 to Rs. 12,50,000 20% Rs. 12,50,001 to Rs. 15,00,000 25% Above Rs. 15,00,000 30% Ø Option parameters: Eligible assessees Exercise of option Earning income other than business income Option can be exercised in every previous year Earning business income Option once exercised in a previous year shall be valid for subsequent assessment years. Further, the option may be withdrawn only once, after which the assessee shall never be eligible to exercise the option Ø Under New Regime,...