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Govt wants to eventually move to exemption-free income tax regime with lower taxes: Revenue Secretary
Govt wants to eventually move to exemption-free income tax regime with lower taxes: Revenue Secretary
The Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on people with annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 under the new regime -- a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided.
The Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on people with annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 under the new regime -- a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided.
The Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on people with annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 under the new regime -- a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided. 
