TAX PLANNING GUIDE 2020 :- “OLD TAX REGIME VS NEW TAX REGIME”:-

ADOPT TO INCOME TAX SEASON 2020 :- “OLD TAX REGIME VS NEW TAX REGIME” :-          As per the union budget 2020, announced by FM Nirmala Sitharam, it is clear that tax payer has to choose between two options- Old tax regime and new tax regime. Explaining the change, she said “an individual who is currently availing more deductions and exemptions under income tax act may choose to avail and continue to pay tax under old regime” SYNOPSIS OF OLD TAX REGIME VS NEW TAX REGIME : - In new tax regime although rate of tax is lower, fix slabs but there is no way to  reduce the taxes as one has to forego almost all the exemptions and deductions and concessions. In the Old Tax System – Though the tax rates are higher but there are various deductions exemptions and benefits if utilized properly can make a notable tax reduction.  WHICH ONE TO PICK UP ? :- confusion ? Simple three steps  to select Tax Regime :-         Step 1 :- One has t