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Re-evaluate the tax regime you've chosen if your salary has changed

For different income levels, there are different break-even deduction points. If you can avail of higher deductions than that, stick to the old regime

Topics
Coronavirus | salary | Income tax

Sanjay Kumar Singh & Bindisha Sarang  |  New Delhi/Mumbai 

Owing to the lockdown, cash flows of a large number of companies across sectors have been affected. Many have resorted to salary cuts.

Meanwhile, employees will soon need to inform their employers whether they will stay with the old tax regime or adopt the new one. The change in their salary may necessitate a re-evaluation of which tax regime to opt for. Nature of pay cuts The nature of pay cuts undertaken by companies is correlated to their financial situation. “Companies which feel their cash flow mismatch is temporary have gone for deferment of salary while those ...

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First Published: Fri, May 22 2020. 15:22 IST
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