Budget cuts income tax slabs, new rule to avail exemptions

The government announced a major overhaul of the income tax structure. While presenting the Union Budget 2020, Finance Minister Nirmala Sitharaman announced cuts in income tax rates. The rates are part of a new income tax regime that Sitharaman said will lower the income tax a salaried individual pays. However, there's a catch: Under the new regime, which will b more