New Tax Regime And Other Tax Changes That Will Come Into Effect From April 1

​The government via a press release dated March 30, 2020, has clarified that there is no extension of the financial year.​ Here is a look at seven new tax rules that will come into effect from the new financial year, i.e. April 1, 2020.

The new financial year will begin on April 1, 2020, amid a country-wide lockdown. Even though the government has extended various tax-related deadlines (such as filing of income tax return for FY 2018-19, tax-saving for FY 2019-20, linking of PAN with Aadhaar etc.) certain new tax-related rules will come into effect from April 1.

The government via a press release dated March 30, 2020, has clarified that there is no extension of the financial year.

Here is a look at the new tax rules that will come into effect from the new financial year, i.e. April 1, 2020.

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New income tax regime

As announced in Budget 2020, from FY 2020-21, an individual taxpayer not having business income will have the option either to continue with the existing income tax regime and avail deductions and exemptions or avail the new tax regime with lower income tax rates sans deductions and tax-exemptions.

Source: Economic Times

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