In 2020, the finance minister unveiled the new tax regime, which offered taxpayers the option to pay lower tax but forego most deductions and exemptions typically available for salaried taxpayers. The objective of the new regime was to reduce administrative hassles for employers and employees on the collation and verification of claims made related to deductions and exemptions, and to simplify the income tax return filing process.
from Tax-Wealth-Economic Times https://ift.tt/djsVXPb
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