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For the FY 2020-21 AY 2021-22 the taxpayer can choose amongst the old and new tax regimeThe new optional tax regime has reduced income tax rate but without benefit of deductions and allowances and the existing tax slabs can be used with the benefits of deductions and exemptions. You can also verify the amount of taxes paid by checking your Form 26 AS.
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Choose the right tax code.
. Keep the tax receipt properly. Lets get a comparative study of the pros and cons of both tax slabs available. Often people choose the wrong code under tax applicable and type of paymentIf you select the wrong code then tax payment will not be reflected in your account with the tax department ie.
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