While Nirmala Sitharaman claims to have introduced a simplified tax regime, things have turned complex with two tax regimes – old and new. The reduction in tax rates, would be applicable only if you forego exemptions and deductions.
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If you have invested a lot and need deductions and exemptions, then you need to opt for old tax rates. Finally, you need to rely on a CA for a better advice while filing tax returns.
The FM says the idea is to remove all exemptions/deductions over the next few years. So, won’t that discourage personal investments and savings? A missed opportunity!
