100-Word Edit: Simplified Tax Regime? Not Impressive!
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.
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!