Budget 2020: A guide to choose between Old and New Tax Regimes
Date and time: 26th February 2020, 03:00 PM - 04:00 PM IST
Budget 2020 offers individuals the choice of paying tax under the new regime of lower income tax rates by forgoing the tax exemptions or continue to pay tax under the existing income tax laws by claiming the applicable exemptions and deductions. The exemptions and deductions that would need to be foregone includes inter-alia exemptions and deductions claimed widely by individuals including House Rent Allowance (HRA), Leave Travel Concession (LTA), standard deduction, deductions under Section 80C, deductions in relation to self-occupied house property, set-off of loss from house property against any other source of income, etc.
However, the more exemptions an individual claims, the less likely the individual is to benefit from the new optional tax regime; however, which regime is beneficial will vary on a case-to-case basis. Should you shift to the new personal income tax announced in Budget 2020? Will it benefit taxpayers across the board?
To decode this dilemma of old tax regime vs. new tax regime and enable HR teams to solve employees’ catch-22 situation around benefits and tax saving, People Matters and Sodexo bring to you this webcast where you will learn:
- Decoding the new tax regime vs. old tax regime
- The current benefits and practices that compliment life stages in the employee life cycle
- What are the broad indicators employees must consider before making the shift from old tax regime to new tax regime
- The step-by-step process on how HRs can help employees make the choice
- How and why should one start the tax planning process now
AVP Taxation and Corporate Affairs
Sodexo BRS India
Our Partner: Sodexo