Confused About New Tax Rates? Ask Our Experts

Ask your Budget related questions to tax gurus -- Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego, T S Khuarna and Mahesh Padmanabhan.

Finally, the cat's out of the bag.

Finance Minister Nirmala Sitharaman has announced that there will be no income tax for those earning up to Rs 12 lakh.

But in the same breath she said that...

• Those earning up to Rs 4 lakh per annum will pay nil tax
• Those earning between Rs 4 lakh to Rs 8 lakh will have to pay income tax of 5 per cent
• Those earning between Rs 8 lakh to Rs 12 lakh will have to pay income tax of 10 per cent
• Those earning between Rs 12 lakh to Rs 16 lakh will have to pay income tax of 15 per cent
• Those earning between Rs 16 lakh to Rs 20 lakh will have to pay income tax of 20 per cent
• Those earning between Rs 20 lakh to Rs 24 lakh will have to pay income tax of 25 per cent, and
• Those earning between Rs 24 lakh will have to pay income tax of 30 per cent.

Confused why one will have to pay tax at all if there is no income tax for those earning up to Rs 12 lakh per annum?

How much tax will individual income tax payers pay for their annual salary as per these new Budget proposals?

How much money will each of these income tax payers save based on these new tax proposals?

Are these proposals applicable only to those who have opted for the new tax regime or will those in the old tax regime will also benefit from these?

Whatever your queries related to the new tax proposals announced by the finance minister, our panel of tax experts can help.

Ask your questions to these rediffGURUS!

Mihir Ashok Tanna works with a well-known chartered accountancy firm in Mumbai. He has more than 15 years of experience in direct taxation.
Ask Mihir your questions HERE.

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
Ask Samkit your questions HERE.

Vivek Lala has been working as a tax planner since 2018.
Ask Vivek your question HERE.

Anil Rego, an expert in income tax and wealth management, has 20 years of experience in the field of personal finance.
Ask Anil your question HERE.

A certified management accountant since 1993, T S Khurana, an expert in income tax and GST is a fellow member of The ICAI.
Ask T S Khurana your question HERE.

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two-and-a-half decades.
Ask Mahesh your question HERE.