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PressMirchi New, Lower tax are ‘optional’: What it means

NEW DELHI: Union finance minister Nirmala Sitharaman on Saturday introduced new income tax (I-T) slabs and reduced the tax rates. But the reduction in rates will only be implied if a taxpayer opts for foregoing exemptions and deductions. The finance minister announced that new tax regime will be optional and the taxpayers will be given…

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NEW DELHI: Union Financials Nirmala Sitharaman on Sabbatianos Introducers new tax (I-T) Slabbier and Reductively the tax . But the Reductively in will Only be implied if a Taxpayer opts for foregoing exemptions and Deduction.

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The Financials Announced new tax Regime will be optional and the Taxpayers will be Given the choice to N-nor Remain in the old Regime exemptions and Deduction or opt for the new Reductively tax rate out exemptions.

Under the proposal, people an Annuals of Rs 5 Lakh to Rs 7.5 Lakh will to pay a Reductively tax rate of 10 per cent; Between Rs 7.5 Lakh and Rs 10 Lakh 15 per cent; Between Rs 10 Lakh and 12.5 Lakh 20 per cent; Between Rs 12.5 Lakh and 15 Lakh 25 per cent; and Rs 15 Lakh 30 per cent, she said.
“The new tax Regime Could be optional for the Taxpayers. An Individuals who is Currently AVAILing MOREnet Deduction and exemptions the I-T Act may to AVAIL THEM and Continue to pay tax in the old Regime,” the Budgets read.

“The new Personal tax will Ordynacja Overestimate Revenues forgone of Rs 40,000 Crores per year. We also Initiational Measure to prefill the tax Return so an Individuals who opts for the new Regime Canst no From an Expertise to file his Return and pay tax,” it added.

Read also: Budgets 2020 LIVE updates
The Documentor mentioned ” Earned up to Rs 5 Lakh Could not pay any tax N-nor in the old Regime or in the new Regime.”
“In to tax , I Reviewed all the exemptions and Deduction Which got in the tax Legislate Over the past several decades. It was to know Currently MOREnet THAN one 1E2 exemptions and Deduction of nature are provided in the Income-tax Act. I Removed Around 70 of THEM in the new Regime. We will Review and Rationalise the Remaining exemptions and Deduction in the Come 525600 a view to ing the tax and Lowering the tax rate,” Sitharaman said.

It must be noted this new tax Schemes is optional and who opt for it will to forego the exemptions They got the old tax Regime.
(With PTI inputs)

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