When the Finance Minister Nirmala Sitharaman announced the new income tax slabs on Saturday, little did anyone realise that it is going to be part of a social experiment.

It will be a simplified tax structure that the younger people will like.

While the multi-tier tax structure is real now, only those who opt out of claiming deductions can avail of these new income tax rates.

Startups keen to qualify for this will have to register under Section 80IAC of the Income Tax Act, which means more paperwork.

Since most companies may not choose to register under section 80IAC, employees may have to pay taxes under the old regime. | To read full story, visit https://startuparound.com/read/1580635808.8697877/Budget-2020:-Experts-dive-into-IT-reforms,-startup-ESOP-tax-payment-plan,-others?ref=audio_experience