Question

Mr Collins age is 70 and taxable income rupees 4,75,000 will have to pay income tax or not​

Answer 1

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