The newest tax regime, which comes which have down income tax costs and you can a lot fewer taxation pros, are put during the 2020 but hasn’t receive of numerous takers yet ,. Very taxpayers still prefer to continue with new old regimen if you are filing the taxation statements.
Money Secretary Tarun Bajaj into the Friday asserted that the old money tax regime should be disincentivised having a viewpoint to encourage a lot more men and women to choose the brand new money-taxation regimen. Bajaj mooted a shift towards a simplistic tax taxation build.
The newest tax techniques, which comes that have lower taxation costs and you may fewer income tax gurus, try delivered during the 2020 however, has never found many takers but really. Really taxpayers however prefer to carry on with the newest older regimen when you’re processing the tax returns.
Bajaj made the new reviews while addressing the 2nd TIOL Federal Income tax Honors 2021 TIOL Income tax Congress on National Money, to your Friday.
During the Relationship Budget 2020-21, the government produced a good ‘a the new and you will basic private taxation program ‘ in which tax prices were rather less to have private taxpayers which go without certain deductions and you may exemptions particularly simple deduction and you can 80C professionals. Okumaya devam et “Dated earnings-income tax routine with write-offs need go: Cash Secretary Tarun Bajaj”