Budget 2022: Govt may offer more benefits under income tax regime

Budget 2022: Govt may offer more benefits under income tax regime: The government may incentivise the optional new income-tax regime of lower rates but without the exemptions proposed in 2020. The new regime saw only a few takers with most of the taxpayers opting for deductions based schemes. The old tax regime offers tax benefits and a new regime that offers a lower tax rate for those who give up on the benefit of tax deductions for select savings and expenses. The new regime doesn’t allow 70 exemptions and deductions such as house rent an      Read More