New Delhi, April 1 -- The financial year 2019-20 was closed on March 31 as usual, and the new fiscal year 2020-21 is starting from today. In view of the lockdown to check the spread of the coronavirus, the government has already extended the deadlines for certain statutory compliances for 2019-2020. As the government did not extend the financial year closing on March 31 2020, the new financial year has already begun with effect from today. There are some important changes that will come into effect from April 1, 2020, in the Income Tax.
1. New Income Tax Regime
The new tax slabs will come into effect from the financial year 2020-2021. However, the old tax slabs will also remain in effect, giving a choice to the individual to opt between t...