Mr Collins age is 70 and taxable income rupees 4,75,000 will have to pay income tax or not
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Step-by-step explanation:
Budget 2020 has proposed to introduce new income tax slabs with reduced rates for those foregoing 70 tax exemptions and deductions under a "simplified tax regime". This new system is optional and will co-exist with the old one with three slabs and various exemptions and deductions available to the taxpayer.
As per the budget proposals, if a taxpayer opts for the new regime, then his income will be taxed as per
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