
Save More Under New Tax Regime
Finance minister has proposed major tax reforms in a push to the new tax regime. Here's how much you can save.
Finance minister has proposed major tax reforms in a push to the new tax regime. Here's how much you can save.
Rejigging of personal tax rates will lead to increased disposable income in the hands of consumers, which should increase the sales of two-wheelers and entry-level cars, says CRISIL.
When compared with the old tax regime, income tax rates under the new proposed tax regime are undoubtedly higher, says Aarti Raote of Deloitte India.
The new tax regime will be the default one while citizens will have the option to be in the old tax regime that operates on exemptions.
The new concessional tax regime will become attractive for the tax payers if income up to ₹5 lakh annually is exempt from taxation, says EY India.
A parliamentary panel estimates a loss of ₹1.84 lakh crore due to the 2019 corporate tax cut in the first two fiscals of FY20 and FY21 alone
The new slabs – with lower taxes – were offered to those taxpayers willing to forego certain deductions and exemptions. But response has been tepid.
The changes in the Finance Bill are aimed at ensuring greater transparency in tax administration, resolving disputes, and integrating India into the global supply chain.
The tax measures outlined in the Budget 2021 had the stated objective of providing greater clarity and making India’s tax regime transparent and efficient.
The MD & CEO of Bajaj Allianz Life Insurance Company says the industry saw new business fall 32% in March as a result of Covid-19.