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

Other news

Zwigato : KRK made fun of Kapil Sharma regarding Zwigato, angry people said – he is better than a traitor

Comedian Kapil Sharma has entered the cinema halls with his film 'Zwigato'. This is the third fil

IMD Alert: Cyclonic storm forming in the Arabian Sea, there is a possibility of serious impact on the entry of monsoon in India

There is a possibility of a cyclonic storm to the south of Porbandar in Gujarat. The Indian Meteo

Rice Export: India raises issues related to agriculture sector and rice export with UAE

India raised the problems of the agriculture sector and rice exporters prominently in its meeting

'Even if the person is guilty, the house cannot be demolished'; When the Supreme Court showed strictness on the bulldozer action, what was the Yogi government's reply?

On Monday, the Supreme Court questioned the administration's bulldozing of the houses of the accu

India reached the last Rafale bought from France: the deal for 36 aircraft was completed, and the deal was done for 59 thousand crores

The last of the 36 Rafale aircraft purchased from France also landed on Indian soil on Thursday.

Direct tax collection: 24 percent increase in direct tax collection, reaching Rs 8.98 lakh crore

According to the Finance Ministry, there has been an increase of 24 percent in direct tax collect

Earthquake In Russia: Earthquake tremors were felt 30 times in Russia, and an emergency was imposed after a tsunami warning

On Wednesday, a massive 8.8-magnitude earthquake struck the coast of Russia's Far Eastern Kamchat

Udaan: India's goal to send satellites in space at a low cost, now it costs Rs 12 lakh per kg

The Indian Space Research Organization (ISRO) aims to design and manufacture re-usable rockets. I

PAK boycott: India did not even shake hands, closed the dressing room door in front of the waiting players

India registered its second win by defeating Pakistan by seven wickets in the Group A match of th

Purple Cap IPL 2024: Yuzvendra Chahal and Trent Boult made a explosive entry in the top-5, the Bangladeshi bowler has a purple cap on his head.

Yuzvendra Chahal and Trent Boult troubled the Mumbai Indians batsmen on Monday and turned the Pur