Budget 2020: Shifting to optional tax slab will benefit taxpayers, says official

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Kolkata | Published: February 3, 2020 8:47 PM

Union Budget 2020 India: Multiple layers of deductions and exemptions add to the complexity of the Income Tax Act, Principal Chief Commissioner of Income Tax (West Bengal and Sikkim) B Jha said.

Budget 2020, Budget 2020 india, union Budget 2020 india, Budget 2020-21, new tax slab, latest tax slab, income tax slab latest, income tax slab budget, union budget income tax slabBudget 2020 India: Union Finance Minister Nirmala Sitharaman has maintained that the new tax scheme will benefit some taxpayers falling in certain brackets, if not all.

Budget 2020-21: Taxpayers willing to migrate to the new personal income tax regime announced in the Union Budget for 2020-21 will get more benefits than the older system, a senior official said on Monday.

Multiple layers of deductions and exemptions add to the complexity of the Income Tax Act, Principal Chief Commissioner of Income Tax (West Bengal and Sikkim) B Jha said. The availability of a new optional tax slab is a step towards simplification of the entire process, he said, speaking at a CII seminar here.

Jha said that as per current statistics, about 70 per cent of taxpayers avail exemptions of less than Rs 2 lakh. Union Finance Minister Nirmala Sitharaman has maintained that the new tax scheme will benefit some taxpayers falling in certain brackets, if not all.

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Talking about the budget proposal of taxing non-resident Indians not paying taxes in any foreign country, he said it will ensure that globetrotting invididuals do not avoid paying taxes.

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