The Union Budget 2020 announced a new simplified tax regime, which Finance Minister Nirmala Sitharaman claimed would reduce the amount of tax paid. The idea would be appealing to those undergoing a cash crunch due to the ongoing covid-19 crisis. However, there’s a catch. Back-of-the-envelope calculations show that the tax liability reduces under the new regime only in a few scenarios.
I have Rs 12 lakh in surplus. Should I prepay my home loan or invest for monthly income of Rs 25-30k?
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