Pre-budget outlook: How to make the new tax regime more enticing and simplify compliance
1 week, 1 day ago

Pre-budget outlook: How to make the new tax regime more enticing and simplify compliance

Live Mint  

As the budget season approaches, anticipation grows over how the government will balance growth ambitions and fiscal responsibility. A press release issued on 2 August 2024 showed that 72% of taxpayers who filed their returns by 31 July 2024 chose the new tax regime, up from 67 percent in FY23. The new tax regime appeals to those with straightforward finances, while the old tax regime suits individuals leveraging deductions and exemptions for optimised tax payouts. These changes would address the concerns of those favoring the old tax regime, striking a balance between simplicity and financial benefits, ultimately making the new tax regime more competitive and taxpayer friendly. Additionally, to draw taxpayers to the new tax regime, the compliance burden could be reduced for individual and Hindu Undivided Family taxpayers with income above ₹50 lakh by relaxing asset disclosure requirements by raising reporting thresholds, allowing category-wise aggregation, and exempting low-value personal assets.

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History of this topic

Income Tax: These deductions and exemptions are allowed only under old tax regime
4 days, 18 hours ago

Income Tax: These deductions and exemptions are allowed only under old tax regime

Live Mint  

In the financial year 2023-24, the new tax regime became the default regime. Here, we list some of the common deductions allowed under the old tax regime. Please note that these exemptions are allowed only under the old tax regime. It is vital to note that the old tax regime has slightly higher tax rates than the new tax regime. …

Budget 2025: Don't expect these tax changes
5 days, 7 hours ago

Budget 2025: Don't expect these tax changes

India Today  

As Budget 2025 draws near, economic experts are weighing in on what this year's financial blueprint might deliver. NO MAJOR CHANGES IN THE OLD TAX REGIME Taxpayers hoping for substantial alterations in the old tax regime may need to temper their expectations. NO MAJOR CHANGES IN TAX STRUCTURE Tax rationalisation has been a recurring theme in recent budgets, with notable …

Budget 2025: Does old tax regime still make sense or should it be scrapped?
5 days, 23 hours ago

Budget 2025: Does old tax regime still make sense or should it be scrapped?

India Today  

Imagine having to choose between two restaurants - one offers a straightforward fixed menu at a lower price, while the other has a slightly higher base price but comes with customisable sides, drinks, and desserts that could ultimately save you money. "The old tax regime should not be scrapped as it still provides benefits for the taxpayers claiming deductions up …

Budget 2025: Higher exemption limit and lower tax rates? Check top expectations
Trending News
6 days, 7 hours ago

Budget 2025: Higher exemption limit and lower tax rates? Check top expectations

India Today  

The Union Budget 2025-26, scheduled for presentation on February 1, is already generating buzz with expectations of key reforms in the income tax structure. HIGHER TAX EXEMPTION LIMIT Subhash Chand Aggarwal, CMD of SMC Global Securities, predicts further relief for individuals earning up to Rs 15 lakh annually. “Continuing the trend from the 2024 Budget, reduced tax rates for these …

Budget 2025: How new tax regime evolved over the years and what's next?
Top News
1 week ago

Budget 2025: How new tax regime evolved over the years and what's next?

India Today  

As the Union Budget 2025 approaches, there is increasing anticipation regarding potential incentives aimed at encouraging taxpayers to opt for the new tax regime. EVOLUTION OF THE NEW TAX REGIME: A TIMELINE The new tax regime, introduced by Finance Minister Nirmala Sitharaman in Budget 2020, was designed to simplify the taxation process by reducing tax rates and eliminating most exemptions …

Budget 2025: Will new income tax regime steal the spotlight again?
1 week ago

Budget 2025: Will new income tax regime steal the spotlight again?

India Today  

With the Union Budget 2025 less than a month away, industry bodies are urging Finance Minister Nirmala Sitharaman to deliver substantial personal tax relief to individual taxpayers. The Confederation of Indian Industry has recommended lowering marginal tax rates for individuals earning up to Rs 20 lakh annually, noting that such a move could stimulate a positive consumption cycle, foster growth, …

ITR filing: 5 new tax regime features every taxpayer must know
1 week, 2 days ago

ITR filing: 5 new tax regime features every taxpayer must know

India Today  

The revamped income tax slabs introduced in Budget 2024 bring significant relief to taxpayers, enabling savings of up to Rs 17,500 annually under the new tax regime. REVAMPED INCOME TAX SLABS The new tax regime offers simplified and attractive slab rates, with no tax on income up to Rs 3 lakh, 5% for Rs 3–7 lakh, 10% for Rs 7–10 …

Income tax slab: 5 things in the new tax regime every taxpayer must know before filing ITR 2025
1 week, 4 days ago

Income tax slab: 5 things in the new tax regime every taxpayer must know before filing ITR 2025

Live Mint  

Income tax slab: In Budget 2024, Finance Minister Sitharaman introduced key changes to the income tax slabs under the new tax regime to make them more attractive for taxpayers. Five things in the new tax regime that taxpayers must know for filing ITR in 2025 1) Income tax slab rates The income tax slabs have been revamped under the new …

Budget 2025: 5 reforms that could make new tax regime a better deal for you
Trending News
1 week, 5 days ago

Budget 2025: 5 reforms that could make new tax regime a better deal for you

India Today  

Finance Minister Nirmala Sitharaman is expected to present the Union Budget 2025 on February 1, 2025. The new tax regime is expected to take centre stage in the budget, with reforms designed to make it a more attractive alternative to the traditional tax structure. POSSIBLE REFORMS IN THE NEW TAX REGIME The upcoming budget could include several changes to the …

ITR filing simplified: 5 updates you should know
2 weeks, 2 days ago

ITR filing simplified: 5 updates you should know

India Today  

Filing income tax returns often feels like a daunting task, but recent changes in tax rules aim to turn this challenge into a smoother experience. ENHANCED TRANSPARENCY WITH FORM 26AS The revamped Form 26AS now offers taxpayers a detailed view of their tax transactions. SIMPLIFIED PERSONAL TAX REGIME The alternative tax regime, introduced in 2020 and further refined in 2024, …

Budget 2025: Will the old tax regime face the axe?
2 weeks, 2 days ago

Budget 2025: Will the old tax regime face the axe?

India Today  

With the Union Budget 2025 around the corner, speculation is rife about the fate of the Old Tax Regime. The government has taken steps to simplify taxation through the New Tax Regime, but concerns remain over the potential elimination of the old system, which offers extensive deductions and exemptions. COMPARING OLD AND NEW TAX REGIMES The Old Tax Regime, a …

Income Tax: New tax regime continues to allow these deductions and exemptions
2 weeks, 4 days ago

Income Tax: New tax regime continues to allow these deductions and exemptions

Live Mint  

With the new tax regime becoming the default regime lately, several taxpayers are anxious about having lost the eligibility to claim deduction. What, however, is not known to many people is that some deductions and exemptions are still allowed in the new tax regime. New tax regime: These deductions are still allowed 1.Standard deduction: Standard deduction amounting to ₹75,000 or …

10 income tax changes in 2024: What you need to know for filing ITR in 2025
2 weeks, 4 days ago

10 income tax changes in 2024: What you need to know for filing ITR in 2025

India Today  

The year 2024 brought significant changes to income tax laws, altering how taxpayers will approach filing their Income Tax Returns in 2025. These reforms—ranging from revamped tax slabs to new rules for capital gains and TDS—promise to impact how you plan, save, and file your Income Tax Return in 2025. REVISED INCOME TAX SLABS UNDER THE NEW REGIME The new …

Income tax relief in Budget 2025? Economists push for cuts to help save more
3 weeks ago

Income tax relief in Budget 2025? Economists push for cuts to help save more

India Today  

Economists have urged the government to reduce income tax rates and introduce reforms to support savings and economic growth in the upcoming Union Budget 2025, reported The Economic Times. Lower tax rates for lower-income groups, they noted, would directly impact household budgets, improve financial stability, and potentially lift overall consumption levels. ECONOMIC URGE TAX RELIEF WITH PM MODI During the …

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions
3 weeks, 1 day ago

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions

Live Mint  

Finance minister Nirmala Sitharaman is set to present her second comprehensive budget after the 2024 general elections. The old tax regime with the regular income slabs and eligible deductions/exemptions and the new tax regime with relatively wider income slabs and lower tax rates, without most deductions/exemptions available in the old tax regime. A unified tax regime with widened income slabs …

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions
3 weeks, 1 day ago

Budget 2025: FM should introduce new tax slab for individuals who adopt renewable energy, reduce carbon emissions

Live Mint  

Finance minister Nirmala Sitharaman is set to present her second comprehensive budget after the 2024 general elections. The old tax regime with the regular income slabs and eligible deductions/exemptions and the new tax regime with relatively wider income slabs and lower tax rates, without most deductions/exemptions available in the old tax regime. A unified tax regime with widened income slabs …

Asset tax reform chaos continues, new rules delayed to 2028
1 month ago

Asset tax reform chaos continues, new rules delayed to 2028

Dutch News  

The finance ministry is delaying its deadline to bring in a new system of taxing assets until 2028 now the government’s most senior advisory body has slammed suggestions for reform. The Council of State said earlier this month the government’s proposed changes to the way savings and investments are taxed in the “Box 3” system needs a major overhaul because …

Can you expect major income tax changes in Budget 2025? Check details
2 months ago

Can you expect major income tax changes in Budget 2025? Check details

India Today  

The Union Budget 2025-26 is set to usher in a new era of tax simplification in India, with the Finance Ministry working on comprehensive reforms to streamline the income tax system. The proposed reforms focus on three key areas: simplifying tax structures, expanding the tax base, and balancing revenue generation with taxpayer relief. SIMPLER TAX FILING Building on the success …

Major income tax reforms in pipeline, Budget 2025 to ease filing process: Sources
Trending News
2 months ago

Major income tax reforms in pipeline, Budget 2025 to ease filing process: Sources

India Today  

February 2025 is poised to usher in a new era of tax simplicity in India, as the upcoming Union Budget 2025-26 aims to reform the Income Tax Act, making tax filing easier for citizens, according to sources. Sources in the Finance Ministry told India Today TV that a series of major reforms to the income tax system are in the …

How to switch to old tax regime from new tax regime for filing income tax
5 months, 2 weeks ago

How to switch to old tax regime from new tax regime for filing income tax

Hindustan Times  

The current income tax rules does provide the freedom for taxpayers to choose between the new tax regime and the old tax regime based on whichever may be more advantageous to them. Is it possible to switch to the old tax regime after choosing the new tax regime? Is the old tax regime or the new tax regime better? The …

Budget 2024 is an exercise to simplify the tax regime - Revenue Secretary Sanjay Malhotra
5 months, 2 weeks ago

Budget 2024 is an exercise to simplify the tax regime - Revenue Secretary Sanjay Malhotra

Hindustan Times  

The government is making efforts to simplify the tax regime and treat all asset classes similarly for taxation, revenue secretary Sanjay Malhotra said in an interview with Hindustan Times. Edited excerpts: The budget’s proposal to remove indexation from the long-term capital gains in real estate is an effort to simply the tax regime, said Sanjay Malhotra The Economic Survey has …

Budget 2024: The government’s focus is on ease of paying taxes
5 months, 3 weeks ago

Budget 2024: The government’s focus is on ease of paying taxes

The Hindu  

While providing primacy to growth with inclusion, the Budget attempts to infuse a new momentum to the economy and strengthen India’s resilient ecosystem so that the country emerges as a growth engine of the world. The proposals to expand the scope of safe harbour rules, streamline transfer pricing assessment procedure, and reduce the corporate tax rate on foreign companies from …

Budget 2024: Is the new income tax regime beneficial for all salaried taxpayers?
5 months, 3 weeks ago

Budget 2024: Is the new income tax regime beneficial for all salaried taxpayers?

Hindustan Times  

The government is nudging salaried income taxpayers to move to a new regime, which it says is simpler and offers lower rates of taxes. In her 2020 budget speech introducing the new tax regime, finance minister Nirmala Sitharaman noted that the income tax law allowed more than 100 exemptions and deductions. Those who had made certain investment decisions to benefit …

Budget 2024: Time to opt out of old tax regime? Explained
5 months, 3 weeks ago

Budget 2024: Time to opt out of old tax regime? Explained

Hindustan Times  

The message from Budget 2024 was loud and clear: say goodbye to the old income tax regime. Union finance minister Nirmala Sitharaman proposed three key changes in the new tax regime, while the old one was left untouched. If your deductions and exemptions exceed the break-even amount, go for the old tax regime, otherwise the new tax regime will be …

The rationale for the tax proposals
5 months, 3 weeks ago

The rationale for the tax proposals

The Hindu  

The 2024-25 Budget is not just an account of receipts and expenditures for the financial year; it also sets the stage for several years in terms of expectations. Budget 2024 |Middle class discontented, real estate sector applauds tax reforms Regarding the general proposals, two sets pique interest — first, those relating to capital markets and second, those relating to the …

Budget 2024: Choosing between old and new tax regimes hinges on income levels, deductions claimed
5 months, 3 weeks ago

Budget 2024: Choosing between old and new tax regimes hinges on income levels, deductions claimed

Live Mint  

The message from Budget 2024 was loud and clear: say goodbye to the old income tax regime. Finance Minister Nirmala Sitharaman proposed three key changes in the new tax regime, while the old one was left untouched. If your deductions and exemptions exceed the break-even amount, go for the old tax regime, otherwise the new tax regime will be better. …

Budget 2024: How the new tax regime announced by Sitharaman will impact taxpayers?
5 months, 3 weeks ago

Budget 2024: How the new tax regime announced by Sitharaman will impact taxpayers?

India TV News  

Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday presented her seventh straight Budget for the fiscal 2024-25. In a significant move, Sitharaman unveiled new income tax slabs under the revised tax regime. Here are the new and old income tax slabs New income tax slabs 0-3 lakh: Nil 3-7 lakh: 5% 7-10 lakh: 10% 1-12 lakh 15% 12-15 lakh 20% …

Calculation: Will you pay more income tax or less after Budget 2024 changes?
5 months, 3 weeks ago

Calculation: Will you pay more income tax or less after Budget 2024 changes?

Firstpost  

The government has introduced a simplified tax regime for the fiscal year 2024-25, aimed at streamlining the tax structure to make it more taxpayer friendly. As we move to higher income levels, for the range of Rs 1,500,000 to Rs 5,000,000, the tax rate is set at 30 per cent with an effective tax rate of 31.20 per cent. For …

FM Says Salaried Employees Under New Tax Regime To Save Rs 17,500 Annually, Here's How
5 months, 3 weeks ago

FM Says Salaried Employees Under New Tax Regime To Save Rs 17,500 Annually, Here's How

News 18  

Budget 2024: Salaried employees under new tax regime to save up to Rs 17,500 annually in taxes due to changes proposed in Budget FY25, announced Finance Minister Nirmala Sitharaman on Tuesday. The new tax slabs under the new income tax regime will be effective from April 1, 2024.. FM proposed the following changes in the new tax regime; – Standard …

Budget 2024: This change to old income tax regime can provide relief to millions
5 months, 4 weeks ago

Budget 2024: This change to old income tax regime can provide relief to millions

India Today  

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 on July 23, and as usual, a key demand amongst citizens is for tax relief. While reports indicate that the government may introduce measures to enhance the appeal of the new income tax regime, taxpayers are also hoping for a revamp of the old regime, which offers the …

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report
6 months, 4 weeks ago

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report

India Today  

The government plans to raise the income exempt from tax under the new regime from the current Rs 3 lakh to Rs 5 lakh in the forthcoming full budget, reported moneycontrol.com. Officials also said that the government is unlikely to accept a proposal from industry representatives to lower the top individual income tax rate from 30% to 25% in the …

Budget 2024: Finance Ministry invites industry views on tax rates, litigation laws
7 months ago

Budget 2024: Finance Ministry invites industry views on tax rates, litigation laws

Hindustan Times  

The Finance Ministry has invited suggestions on direct and indirect taxes and changes in laws to reduce compliances for the 2024-25 Budget from trade and industry associations. The suggestions could include changes in the duty structure, rates and ideas on broadening of tax base on both direct and indirect taxes giving economic justification for the same, as per the ministry. …

Major Income Tax Reforms Effective From April 1: What You Need To Know
9 months, 3 weeks ago

Major Income Tax Reforms Effective From April 1: What You Need To Know

ABP News  

In the wake of the new fiscal year, April 1, 2024, sweeping changes in the tax landscape herald major implications for personal finances. Streamlined Slabs & Expanded Basic Exemption Limit Under the new tax regime, the minimum tax threshold has been raised from Rs 2.5 lakh to Rs 3 lakh. Increased Tax Rebate Threshold Individuals opting for the new tax …

Budget 2024: 6 key changes taxpayers want from FM Sitharaman
11 months, 2 weeks ago

Budget 2024: 6 key changes taxpayers want from FM Sitharaman

India Today  

Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024-25 on February 1, covering the initial three months of the next fiscal year. While hopes for a new 25 per cent high-income tax slab are slim, expectations include increased basic exemption, standard deduction, and higher limits for 80C & 80D," Ravi said. NPS deduction under new tax regime …

Budget 2024: Old vs new tax regime, which is better for salaried employees?
11 months, 2 weeks ago

Budget 2024: Old vs new tax regime, which is better for salaried employees?

Hindustan Times  

The new tax regime was introduced in Union Budget 2020 under which the tax slabs were altered and taxpayers were offered concessional tax rates. In Union Budget 2023, the government introduced crucial changes to encourage taxpayers to adopt the new tax regime. This implies that taxpayers with income up to ₹7 lakhs will not have to pay any tax at …

More Than 5 Crore Taxpayers Opt for New Tax Regime 2023
1 year, 4 months ago

More Than 5 Crore Taxpayers Opt for New Tax Regime 2023

News 18  

Finance Minister Nirmala Sitharaman announced income tax relief, especially for those with salaried incomes in the 2023-24 Budget. The new tax regime grants tax exemption for income between 0 to 3 lakh rupees. Individuals earning income ranging between Rs 3 to 6 lakh are taxed at a 5 per cent rate, while those between 6 to 9 lakh face a …

10 Income Tax Rules That Are Changing From April 1, 2023
1 year, 9 months ago

10 Income Tax Rules That Are Changing From April 1, 2023

News 18  

The income tax laws have undergone numerous changes, and they will take effect this fiscal year. Some of the main changes that will take effect on April 1, 2023, include raised tax rebate limits, changes to income tax slabs, and the elimination of the LTCG tax benefit on certain debt mutual funds. Let’s examine the changes:- 1) New income tax …

New income tax regime, other rules to kick in from Apr 1: What taxpayers need to know
1 year, 9 months ago

New income tax regime, other rules to kick in from Apr 1: What taxpayers need to know

Hindustan Times  

As is the case with each financial year, the upcoming FY will also begin on April 1. The announcements made by finance minister Nirmala Sitharaman in the annual Feb 1 budget, too, will come into effect as part of the new financial year. In Budget 2023, one of her announcements pertained to the old and new income tax regimes. Speaking …

FM says new tax regime has been made \'very attractive\'
1 year, 11 months ago

FM says new tax regime has been made \'very attractive\'

Deccan Chronicle  

NEW DELHI: Finance minister Nirmala Sitharaman on Friday said that the government chose the capital expenditure route to revive the economy as it has a great multiplier effect. She also said the new tax regime has been made “very attractive”, emphasising on moderation in personal taxes for the middle classes in the country. “In the new tax regime, offering a …

Budget 2023: What are the changes in new tax regime? Expert explains
1 year, 11 months ago

Budget 2023: What are the changes in new tax regime? Expert explains

Hindustan Times  

Union finance minister Nirmala Sitharaman said the new tax system will be the default, with the old system remaining an option. Presenting the last full budget of the Narendra Modi government before the 2024 Lok Sabha election, Sitharaman raised the income tax rebate cap under the new tax system from ₹5 lakh to ₹7 lakh. Hindustan Times spoke to Abhishek …

New tax regime ‘sweetened’ to benefit maximum number of taxpayers: CBDT Chairman
1 year, 11 months ago

New tax regime ‘sweetened’ to benefit maximum number of taxpayers: CBDT Chairman

The Hindu  

The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT Chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under …

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive
1 year, 11 months ago

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive

Firstpost  

The intent of the government is to make the new tax regime more attractive to salaried and small taxpayers. The intent is also to relieve small taxpayers from all hassles of tax planning using investment schemes in order to reduce tax liability The Union Budget 2023 has amended tax slabs for the new tax regime and has increased income tax …

Budget 2023: New vs Old Income Tax Regime
1 year, 11 months ago

Budget 2023: New vs Old Income Tax Regime

News 18  

Union Budget 2023 has amended income tax slabs for the new tax regime and has increased rebate under Section 87A for the new regime for income up to Rs7 lakh. While these amendments have been made in the new tax regime, all tax slabs and rebates under Section 87A for income tax assesses opting for the old tax regime remain …

'New tax regime is attractive', Says FM Sitharaman in Press Conference
1 year, 11 months ago

'New tax regime is attractive', Says FM Sitharaman in Press Conference

ABP News  

Speaking about the new tax regime, she stated, "The new taxation regime has now got greater incentives, and attractions so that people can unhesitatingly move from the old to the new. Therefore the new taxation regime that we brought in for direct taxation two, three years ago has now got greater incentives & greater attraction so that people can unhesitatingly …

Budget 2023: New tax regime to be default; who will benefit from it?
1 year, 11 months ago

Budget 2023: New tax regime to be default; who will benefit from it?

Hindustan Times  

Union Finance Minister Nirmala Sitharaman announced that the new tax regime will become the default tax regime, while the old will remain an option. Tabling the budget in parliament on Wednesday, Sitharaman also revised the income tax rebate limit under the new tax regime from ₹5 lakh to ₹7 lakh. New tax regime Old tax regime ₹ 0-3 lakh - …

Union Budget 2023 : FM Announces New Income Tax Rates; Slabs Reduced To 5, Exemption Raised To Rs 3 Lakhs In New Regime
1 year, 11 months ago

Union Budget 2023 : FM Announces New Income Tax Rates; Slabs Reduced To 5, Exemption Raised To Rs 3 Lakhs In New Regime

Live Law  

In her Budget 2023-24 speech, Union Finance Minister Nirmala Sitharaman has announced that the increase in the income tax rebate limit from Rs. 7 Lakhs in the new tax regime.For the middle class person, the proposal under the new income tax regime has been a huge relief. For the middle class person, the proposal under the new income tax regime …

New Tax Regime Will Be Default System, Payers Can Opt For Old Regime
1 year, 11 months ago

New Tax Regime Will Be Default System, Payers Can Opt For Old Regime

ABP News  

Finance Minister Nirmala Sitharaman on Wednesday announced that the New Tax regime will be the default tax system. FM Sitharaman also proposed to increase the income tax rebate limit to Rs 7 lakh under the new tax regime. Sitharaman proposed increasing the rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime, meaning individuals who …

Budget 2023: Will 'new' Income Tax regime have some more exemptions?
1 year, 11 months ago

Budget 2023: Will 'new' Income Tax regime have some more exemptions?

India TV News  

Budget 2023: As the government tries to encourage more people to choose the exemption-free personal income tax system, Union Budget 2023–2024 is likely to review the tax structure and possibly announce a few sweeteners. Individual taxpayers who opt out of the majority of deductions and exemptions will be able to pay taxes at rates that are comparatively lower under the …

Is the New Tax Regime beneficial to individual taxpayers in real sense?
2 years ago

Is the New Tax Regime beneficial to individual taxpayers in real sense?

Live Mint  

Union Budget 2020 introduced the concessional/New Tax Regime under section 115BAC of the Income-tax Act, 1961 providing individuals andHUFtaxpayers an option to pay income tax at lower rates; subject to forgoing certain exemptions and deductions. Under the NTR, salaried individuals must forgo exemptions like House Rent Allowance, Leave Travel Allowance and deductions for prescribed investments/expenses which are otherwise available under …

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