The changes are "meant primarily for the hardworking middle class", she said. Here are some of the changes: Rebate under section 87A has been raised, income tax slabs have been reduced, and the highest surcharge has been cut under the new tax regime. A standard deduction has been introduced in this scheme in case taxable income is higher than 15.5 lakh.
Ankit Jain, partner, Ved Jain & Associates, says: "The government is focused on simplifying taxation for individuals by promoting the new tax regime. This regime streamlines the taxation process by eliminating complex deductions." Vivek Jalan, partner, Tax Connect Advisory, says: "The intention of the government is very clear that in the future the new tax scheme without exemptions will stay."
New tax regime the default
Sitharaman announced that the new income tax regime would be the default henceforth. From April 1, you have to opt for the old tax regime at the beginning of the financial year.
Rebate limit raised
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