The return-filing season is in full swing, with the extended due date – December 31 – just two months away. This year, the most important change in the income tax return forms for individuals pertains to the new, alternative tax regime that was introduced in Budget 2020. It offers liberalised tax slabs and rates but offers minimal tax benefits compared to the old system. This is the first assessment year when the new tax regime will come into force. 

Moneycontrol’s Preeti  Kulkarni spoke to chartered accountant Vaibhav Sankla, Principal, Billion Basecamp Family Office to understand what this means for those who have chosen the new regime in financial year 2020-21 and will be filing returns now.