Suggestions and Complaints
| 326. Sajeev Kalpetta - |
| Sir, while selecting Income tax slab 2020-21, the deductions are not showing. What is the reason? |
| ecostatt |
| From 2020-21 financial year onwards, there are two income tax slabs namely 'Old Slab' and 'New Slab' from which we can select any one of them. In 'New Slab', there will not be any type of deductions including standard deduction, but the tax rates will be comparatively low. However, for most of the employees, selecting the 'Old Slab' might be more beneficial. Select 'New Slab', only if you have no deductions and a gross income greater than 5 lakhs. |