Income Tax Slabs: The Finance Minister Nirmala Sitharaman while presenting the Union Budget 2020 gave an earning individual two options while filing their income tax return (ITR). Either you forfight all tax exemption benefits and get zero income tax slab on your annual income up to rs 5 lakh or remain in the old income tax slab and avail income tax exemptions under various sections on your investments. However, in old regime, one would get zero income tax on income up to Rs 2.5 lakh only. So, it has become bit confusing as to whether an income taxpayer needs to file income tax when his or her annual income is less than Rs 5 lakh. According to the tax and investment experts, if an earning individual has an annual income above the basic income tax slab means Rs 2.5 lakh per annum, then one will have to file an income tax return to claim the income tax benefit given by the government in either of the income tax regimes.
speaking on the matter Jitendra Solanki, a SEBI registered tax…
