Have freelance income? Know this before switching to new tax regime
3 years, 3 months ago

Have freelance income? Know this before switching to new tax regime

Live Mint  

The Union budget 2020 had introduced a new tax regime with lower tax rates but also fewer tax deductions available for a taxpayer to claim. The finance bill also allows taxpayers to switch between the old and new tax regimes in the subsequent assessment years, but the rules are not the same for everyone. The finance bill 2020 allows salaried individuals and pensioners with no business income to switch between the two tax regimes every assessment year as per their prevailing financial situation. If a non-salaried taxpayer switches to the new tax regime in the current assessment year, she will have the option to switch back to the old regime only once in her life.

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