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 …
Salaried income taxpayers shifting to the new tax regime stand to save up to ₹17,500 in income tax, finance minister Nirmala Sitharaman announced in presenting the Union budget 2024. The finance minister announced increased standard deduction for those opting to file their tax returns under the new regime and also widened the tax slabs to give relief. Increase in the …
Union Finance Minister Nirmala Sitharaman has announced various reforms to the new tax regime in her address while introducing the Budget 2023-23. 750,000 and who opt for the new tax regime, may not be keen to make investment in ELSS funds,” Suresh Surana added. However, in Budget 2021, the new tax regime has done away with many of the exemptions …
