The union budget came out on 1st Feb 2020. Income tax slab rates have been changed can someone tell me its implications?

  • Assuming India as the budget was on Saturday, 1st Feb – Dheer Feb 3 at 13:12
  • I don't know the Indian tax system (assuming Dheer's assumption is correct), but from the ones I know, "tell me its implications" is far too wide a question (are you a millionaire, well-off, average, low-income etc.?) Presumably, also, the changed rates have been published somewhere, so you'd need to edit the question with more specific details, and why any existing publication doesn't answer your questions. – TripeHound Feb 17 at 8:36

The implications are for individuals to decide. There is a new tax regime, voluntary with reduction in tax rates. However one has to forgo exemptions. Where this would be beneficial depends upon the exemptions claimed. One can continue the old tax regime with existing rates or switch to new without exemptions at lower tax rates.

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