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Union budget 2020 turned out to be the longest budget speech ever in India, given by FM Nirmala Sitharaman. Labour Law Advisor will release multiple videos in a series to try and break down everything for you.
This video, Mandeep explains what exactly is the change in the Income-tax slabs for 2020. Note that assessees will still have the option to use the old tax slabs if they believe they can get more benefits that way.
New income tax slabs have been announced to lessen the burden on taxpayers (though questionable) and to decrease the dependency on tax professionals for filing ITR.
One direct benefit of the new tax slab is that you can now get more cash in hand because you won't have to invest your money forcefully just to avail income tax deductions. 70 out of 100 deductions and exemptions have therefore been scrapped under the new income tax regime.
Stay tuned for more budget 2020 analysis videos real soon.
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