From the next financial year, Income Taxpayers will be able to choose the option of paying tax as per their convenience. Along with this, Finance Minister Nirmala Sitharaman announced a new and alternative tax slab for Individual Income Taxpayers in the budget this year, which may be valid while filling the Income Tax Return (ITR) next year. The old tax slab was also said to continue. Apart from this, the only difference is that in the new tax slab, taxpayers will not get the benefit of 80-C under which ordinary taxpayers get income tax exemption by showing an investment of up to Rs 1.5 lakh. According to tax experts, after the budget, there was a discussion about whether one should choose between the 80-C profit tax slab and the non-profit slab, and once the slab will be changed, it will not be changed.
Only those with income from business will be able to choose any option
According to tax experts, taxpayers can choose either of the two tax slabs as per their convenience. Along with this, Raj Chawla, former chairman of the Northern India Regional Council of 'Institute of Chartered Accountants of India' (ICAI), said that those whose income is from the business, they can only get one of the two (80-C benefits Or non-80-C). At the same time, they may have to file ITR in the same slab. For the time being, taxpayers will be able to change the option every year. At the same time, he told that if a common taxpayer is unable to invest Rs 1.5 lakh under 80-C in a year, then he can file ITR under the new tax slab.
Employed people have the option to choose one option every year
Next year if he invests under Taxpayers 80-C, then he can file ITR in the old slab again. But this facility has not been given to businessmen. He told that mainly the home loan takers get the benefit of 80-C. Along with this, the new generation who do not have any loan will like to choose the new slab. Because the new generation does not want to get into the hassle of investment. Also, after the announcement of tax slabs with no 80-C benefits, it was also feared that this would discourage investment as people used to save some annually to save tax.
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