Finance ministry will review tax regime free of exemptions

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The finance ministry is proposing to soon review the exemption-free new tax regime with a view to making it more attractive for individual income taxpayers, sources have said.

Eventually, sources said, the government aims to establish a system where there are no exemptions and the complex old tax regime with exemptions and deductions is terminated. The Union Budget 2020-21 introduced a new tax regime.

Taxpayers were given the option to choose between the old regime with various deductions and exemptions and the new tax regime that offered lower tax rates without exemptions and deductions.

The intention behind the move was to provide significant relief to the individual taxpayers and to simplify the income tax law.

Source: The Times of India

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