Tag: new regime income tax

Income Tax in Media

Budget 2025 income tax new versus old regime: Top 7 expectations of taxpayers from FN Sitharaman

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The announcement of new income tax regime in India’s Union Budget 2020 was a progressive step by the Hon’ble Finance Minister Sitharaman towards simplification and moving away from administratively heavy tax exemption regime. This paved the way for taxpayers to pay income tax at a reduced slab rate in exchange for most of the exemptions and deductions otherwise available under the old income tax regime.

Budget 2025Income Tax in Media

Union Budget 2025: Govt may unveil simplified direct tax code to reduce litigation and boost compliance

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As the government prepares to present the Union Budget for 2025 on February 1, the Central Board of Direct Taxes (CBDT) is working on a simplified version of the income tax laws. Sources have told CNBC-TV18 that the ongoing comprehensive review of direct tax laws aims to ease legal hurdles and reduce the litigation burden for both the government and the industry.