Finance Ministry: Preparing to end the exemption tax system, Finance Ministry will review the old tax system


Posted on 16th Aug 2022 04:31 pm by rohit kumar

The Finance Ministry is planning to review the tax regime free of exemptions or concessions. It has been proposed to be reviewed to make it more attractive to individual income taxpayers. Sources said the government intends to set up a tax system that does not have any concessions.

 

With this, the complicated old tax system with exemptions and deductions can be done away with. In the budget for 2020-21, the government implemented a new tax system. In this, taxpayers were given the option to select between the old regime with various deductions and exemptions and the new regime with lower rates without exemptions and deductions. agency

 

On the experience of the new tax regime, sources said, there are clear indications that those who have repaid their debts want to opt for the new tax regime as they do not have the option to claim any exemption. . The reduction in taxes in the new tax regime will make it more attractive.

 

The arrangement was also brought for corporate

 

A similar tax regime was introduced for corporate taxpayers also in September 2019. In this, the tax rates were reduced. Also, exemptions or concessions were abolished.

 

In the new tax regime introduced on February 1, 2020, for individual income taxpayers, no tax is levied on an annual income of Rs 2.5 lakh. An income of 2.5 to 5 lakhs attracts a tax of five percent.

 

Also Read: Elon Musk: Musk still preparing to buy Twitter, sells $7 billion shares of Tesla

1 Like 0 Dislike
Previous news Next news
Other news

Petrol-Diesel Price: There is no change in the prices of petrol and diesel, know how to check the price of your city?

Crude oil prices are once again seen crossing the hundred dollars per barrel. Crude oil reached c

SRH vs GT Pitch Report: Batting or bowling? What will be beneficial after winning the toss, is knowing the nature of the Hyderabad pitch

The 66th match of IPL 2024 is to be held between Sunrisers Hyderabad and Gujarat Titans

China and Pakistan surrounded by human rights: proposal to recognize the 1971 genocide; Demonstration of Uygar Muslims in America

Human Rights Week is being celebrated across the world from 10 December. In which voice is being

Foreign Policy: With the change in foreign policy, the dominance of India increased rapidly on the global stage.

The Shanghai Cooperation Organization (SCO) meeting held in Samarkand city of Uzbekistan got a gl

Sambhal violence: Rioters will not be spared... Posters of stone pelters will be put up in public places, losses will be recovered

After the uproar during the survey of Shahi Jama Masjid on 24 November in Sambhal district of Utt

The second disaster waiting after the floods in Pakistan may come 'wave of death

Thousands of people have lost their lives in the unprecedented floods in Pakistan. This disaster

X Down: No website is not stalled in this way, is it a new planning of Elon Musk?

Elon Musk's social media platform X (formerly Twitter) has crashed. Since the morning of today i.

Russia and Ukraine War: Missiles hit the dam in Ukraine, and people were ordered to evacuate

Residents of Krivoy Rih, Ukraine, have been asked to evacuate after missiles hit a large reservoi

'Will give a befitting reply to every wrongdoing of China on LAC', Lieutenant General said - will not let the status quo change

India has warned today about the ceasefire violations by China on LAC in the last few years. Lieu

Team India: Players met their families after a long time, Kohli got emotional after seeing his sister, pictures will win your heart

Team India returned to India on Thursday after winning the T20 World Cup 2024 title. There is a f

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash