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“Beyond staying in the government’s good graces, tax season is an opportunity to understand where your business stands ...

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The government has revised the tax structure under the new regime with Finance Minister Nirmala Sitharaman announcing that those earning up to Rs 12 lakh annually won't have to pay any income tax.

But the Budget speech, which also announced revised tax slabs, has left many confused over the relief they will be getting. The zero tax ceiling has been raised from Rs 3 lakh to Rs 4 lakh.

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If tax component under the old regime turns out to be more, you can opt out of the new regime, whereas if your total tax computation under the old regime is more, you do not need to do anything.