According to the discussions carried out in the Budget 2021 exercise, it is very heavily suggested that taxpayers should get relief in the range of Rs. 50,000- Rs. 80,000 of the total tax liability. The government may change the new tax regime slabs that were launched during the last budget, CNBC reported.
If a person chooses the new tax regime, income tax would apply at a lower rate, but certain permissible exemptions and deductions will not be applicable for the person available under the old regime. However, some reports of tax experts suggest there is not much excitement among taxpayers for the new system. So, to give more headroom for taxpayers, the coming budget may offer certain changes in the slab rate of the new regime.
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