NEW DELHI: The finance ministry is proposing to quickly overview the exemption-free new tax regime with a view to creating it extra engaging for particular person revenue taxpayers, sources have stated.
Finally, sources stated, the federal government goals to determine a system the place there aren’t any exemptions and the advanced outdated tax regime with exemptions and deductions is terminated. The Union Price range 2020-21 launched a brand new tax regime.
Taxpayers got the choice to decide on between the outdated regime with numerous deductions and exemptions and the brand new tax regime that supplied decrease tax charges with out exemptions and deductions.
The intention behind the transfer was to offer vital reduction to the person taxpayers and to simplify the revenue tax regulation.
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