Budget 2020 became taken into consideration to be unique in many ways. It becomethe first price range of the last decade 2020. Moreover it changed into the most predicted price range nowadays as Indian economy become grappling from a slowdown in the increasefee for more than one quarters. People were expecting sizablecharge cuts in non-public income tax prices after a historic rate cut in Corporate Taxes on twentiethSeptember 2019 to reinforce intake in the economy. However the Government did cut the tax fee however it did in an unprecedented way. The New Tax slabs and the caveats attachedwith them will effect Indian Society in the long run as the governmentwants to shift the financial system from saving oriented financial system to intake oriented financial system.
In other words, However, Honourable Finance Minister (FM) Nirmala Sitaraman in her budget has added a new taxation regime below non-public taxation. Instead of giving remedy to all of the Individual & HUF by means ofincreasing the tax slabs directly, Budget 2020 have proposed to introduce new segment 115BAC within the Income Tax Act 1961 in which Individuals or HUF have been given an option to give up numerous exemptions and get gain of lower tax prices. Following is the evaluation of the existing tax chargesand the new tax slabs.
The new tax regime is however optional for the assessee. Individuals or HUF can pick to preserve to pay tax underneaththe antique taxation device For instance,
In other words, However, Honourable Finance Minister (FM) Nirmala Sitaraman in her budget has added a new taxation regime below non-public taxation. Instead of giving remedy to all of the Individual & HUF by means ofincreasing the tax slabs directly, Budget 2020 have proposed to introduce new segment 115BAC within the Income Tax Act 1961 in which Individuals or HUF have been given an option to give up numerous exemptions and get gain of lower tax prices. Following is the evaluation of the existing tax chargesand the new tax slabs.
The new tax regime is however optional for the assessee. Individuals or HUF can pick to preserve to pay tax underneaththe antique taxation device For instance,
Incomes (In Rs ) | Old Rates (In %) | New Rates (In %) |
Upto Rs 2,50,000 | NIL | NIL |
RS 2,50,001 to Rs 5,00,000 | 5 | 5 |
Rs 5,00,001 to Rs 7,50,000 | 20 | 10 |
Rs 7,50,001 to Rs 10,00,000 | 20 | 15 |
Rs 10,00,001 to Rs 12,50,000 | 30 | 20 |
Rs 12,50,001 to Rs 15,00,000 | 30 | 25 |
Above Rs 15,00,000 | 30 | 30 |
However new taxation regime comes with few caveats that are as under:
• Assessee shall must forgo plethora of deductions and exemptions granted underneath Income Tax Act 1961.
Salaried Assessees shall no longer be entitled to the followingexemptions/ deductions as under:
• Leave tour concession as contained in clause (5) of phase10;
• House hire allowance as contained in clause (13A) of phase 10;
• Some of the allowance as contained in clause (14) of section 10;
• Allowances to MPs/MLAs as contained in clause (17) of phase 10;
• Standard deduction, deduction for entertainment allowance and employment/expert tax as contained in segment 16;
• free food and beverage thru vouchers provided to the worker as notified in section 10(14).
Download AndPrepare At a Time 100 Employees Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
1) Prepare At time 100 Employees Excel Based Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
2) All the Amended Income Tax Section have in this utility as per Budget 2019
3) You can print individual Form 16 Part B
4) Most easy to install just like an Excel File
5) Easy to Fill the all column
6) Automatic Convert the Amount to the In-Words
However, few exemptions have been allowed below new tax regime below section 10(14) as underneath:
• Transport Allowance granted to a divvying worker to fulfillexpenditure for the purpose of commuting between area of houseand area of duty
• Conveyance Allowance granted to meet the expenditure on conveyance in performanceof obligations of an office;
• Any Allowance granted to meet the fee of tour on excursionor on transfer;
• Daily Allowance to meet the regular daily costs incurred by means of an employee attributable to absence from his normalplace of duty.
Assessee who've income underneath the top Profits & Gains from Business & Profession shall not be entitled take followings deductions/exemptions:
• Additional depreciation underneath clause (iia) of sub-section(1) of section 32;
• Deductions underneath section 32AD, 33AB, 33ABA;
• Various deduction for donation for or expenditure on scientific studiescontained in sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section(1) or sub-section (2AA) of phase35;
• Deduction below segment 35AD or phase 35CCC;
• Exemption for SEZ unit contained in phase 10AA;
Provisions regarding AMT u/s 115JC and provisions referring to conveyahead and spark off of AMT credit, if any, u/s 115JD shall no longer apply to such individuals or HUF having enterpriseor profession income.
General Deductions & Exemptions which any assessee shall need toforego is as Follows:
• Allowance for profits of minor as contained in clause (32) of section10;
• Interest underneath section 24 in recognize of self-occupied or vacant assets cited in sub-section (2) of segment 23. (Loss under the top income from residencebelongings for rented residence shall not be allowed to be activate beneath any other head and could be allowed to be carried forward as in step with extant regulation);
• Deduction from own family pension beneath clause (iia) of section 57;
• Any deduction below chapter VIA (like phase 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc). However, deduction under sub-section(2) of section 80CCD (organization contribution as a consequence of employee in notified pension scheme) and section80JJAA (for brand new employment) may be claimed.
• Individuals or HUF who do not have Business or Profession Income shall have the choice to select a brand new profits tax regime for each preceding year. For the alternativeassessee, the option to select a new earnings tax regime best as soon as and it shall ought to be continuedfor all the preceding next years. They can be given an choice to choose out from the new Tax Once oncethe man or woman or HUF shall by no means be eligible to exercisingoption underneath this section, except wherein such man or woman or HUF ceases to have any enterprise or profession earningsAbove all,
Download And Prepare At a Time 50Employees Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 50 Employees Form 16 Part B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
7) Prepare At time 50 Employees Excel Based Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
8) All the Amended Income Tax Section have in this utility as per Budget 2019
9) You can print individual Form 16 Part B
10) Most easy to install just like an Excel File
11) Easy to Fill the all column
12) Automatic Convert the Amount to the In-Words
Analysis
Nirmal Sitaraman in her finances speech In addition, regarding the new tax regime as below:
“Currently the Income Tax Act is riddled with numerous exemptions and deductions which make compliance by the taxpayer and managementof the Income Tax Act by the tax government a burdensome process. It is almost not possible for a taxpayer to comply with the Income-tax regulation without taking assist from professionals. In order to provide substantial remedy to the man or woman taxpayers and to simplify the Income-tax regulation, I recommendto bring a brand new and simplified personal earnings tax regime wherein income tax charges could be significantlydecreased for the individual taxpayers who forgo certaindeductions and exemptions.
In the new tax regime, massive tax advantage will accrue to a taxpayer depending upon exemptions and deductions claimed by using him. For example, someone incomes Rs 15 lakhs in a 12 months and not availing any deductions etc. Will pay most effective Rs 1,95,000 as compared to Rs 2,73,000 inside the oldregime. Thus his tax burden shall be decreased by means of78,000 within the new regime. He might still be the gainer within the new regime even if he become taking deduction of Rs 1.five Lakh under diverse sections of Chapter- VI-A of the Income Tax Act underneath the antique regime.
After that, based at thespeech of the the Honourable Finance Minister, aim of the governmentfor introduction of latest tax regime is clear
• Reduction in compliance value and ease of complexity for the Assessee
• Reduction in tax legal responsibility of the Assessee
But on analysing the supply of the new phase 115BAC, i.E. New tax regime, none of the above factors appears to get fulfilled.
Under the new taxation regime, Assesee shall ought to determineeach year whether or not to retain with the oldtax gadget or pick the more recent tax gadget. He shall need to calculate how much advantage he'll get underneaththe prevailing tax device with all deductions & exemptions towardsthe discount in tax liability under the new tax gadgetby using forgoing numerous deductions & exemptions. It’s an excessive amount of to anticipate from a normal assessee to make such complicated calculations himself and make a decision. New tax regime have expanded the complexity in preference to simplifying it.
Nirmal Sitaraman in her finances speech In addition, regarding the new tax regime as below:
“Currently the Income Tax Act is riddled with numerous exemptions and deductions which make compliance by the taxpayer and managementof the Income Tax Act by the tax government a burdensome process. It is almost not possible for a taxpayer to comply with the Income-tax regulation without taking assist from professionals. In order to provide substantial remedy to the man or woman taxpayers and to simplify the Income-tax regulation, I recommendto bring a brand new and simplified personal earnings tax regime wherein income tax charges could be significantlydecreased for the individual taxpayers who forgo certaindeductions and exemptions.
In the new tax regime, massive tax advantage will accrue to a taxpayer depending upon exemptions and deductions claimed by using him. For example, someone incomes Rs 15 lakhs in a 12 months and not availing any deductions etc. Will pay most effective Rs 1,95,000 as compared to Rs 2,73,000 inside the oldregime. Thus his tax burden shall be decreased by means of78,000 within the new regime. He might still be the gainer within the new regime even if he become taking deduction of Rs 1.five Lakh under diverse sections of Chapter- VI-A of the Income Tax Act underneath the antique regime.
After that, based at thespeech of the the Honourable Finance Minister, aim of the governmentfor introduction of latest tax regime is clear
• Reduction in compliance value and ease of complexity for the Assessee
• Reduction in tax legal responsibility of the Assessee
But on analysing the supply of the new phase 115BAC, i.E. New tax regime, none of the above factors appears to get fulfilled.
Under the new taxation regime, Assesee shall ought to determineeach year whether or not to retain with the oldtax gadget or pick the more recent tax gadget. He shall need to calculate how much advantage he'll get underneaththe prevailing tax device with all deductions & exemptions towardsthe discount in tax liability under the new tax gadgetby using forgoing numerous deductions & exemptions. It’s an excessive amount of to anticipate from a normal assessee to make such complicated calculations himself and make a decision. New tax regime have expanded the complexity in preference to simplifying it.
Download And Prepare One by One Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare One by One Form 16 Part B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
13) Prepare One by One Excel Based Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
14) All the Amended Income Tax Section have in this utility as per Budget 2019
15) You can print individual Form 16 Part B
16) Most easy to install just like an Excel File
17) Easy to Fill the all column
18) Automatic Convert the Amount to the In-Words
The instance given by the honourable FM of someone earningRs 15 lakhs according to annum and highlighting a major tax saving of Rs 78,000 through comparing the tax legal responsibilitybelow both present tax device and more recenttax regime with assumption that the assessee do now not avail any deductions and exemption. However the belief has itself a hugeflaw. Out of all the 4.86 crore returns filed by way of the Individuals & Huf for the FY 19-20 till January 2020, there could be a really miniscule number of Assessees who may nothave claimed any deduction or exemptions in any shape in their incometax returns. Many deductions are mandated by means of the statute e.G Contribution to Provident Funds by using the worker. Many of the deductions/exemptions are claimed by using the assessee for the expensesthey will should incur for their livelihood eg. Paying hireand claiming HRA (in case of salary) or claiming deduction u/s segment80GGA in case of other assessee. Almost all the assessee shall have at least one account in Saving Bank in which assessee will earn an interest and declare deduction u/s 80TTA. Hence a number of the deductions /exemptions claimed through the assessee are virtually for the prices which can be eithermandated through a few other statute or they need tobe incurred for the livelihood. We can say that somedeductions/exemptions are not optional but necessary.
Let us apprehend the brand new tax regime with an exampleand additionally examine it with the prevailing tax machine.
Mr X is employed with ABC Limited. The salary shape for the FY 2020-21 is as underneath :
Particulars | Amount(Rs) |
Basic | 6,21,000 |
HRA | 3,10,500 |
Special Allowance | 2,58,000 |
Total Salary | 11,89,500 |
Professional Tax | 2,400 |
Employees Contribution to Provident Fund | 74,520 |
Mr X additionally invested Rs 60,000 in Tax Saving Mutual Funds and pay coveragepremium of Rs 14,000, health insurance premium of Rs 19,000. He pays lease of Rs 25,000 pm
He additionally earns hobby of Rs 5,500 on stabilityin saving financial institution account.
Mr X has also availed Housing Loan of Rs 50,00,000 on which he paid Rs 1,25,000 as interest and Rs 65,500 as main amount.
Calculation of Tax underneath each Tax Regimes:
Based at the Similarly, example, we are able to honestly see that the brand new tax regime is not useful to the assessee as he has to pay Rs 1,18,560 as tax even as if he comes to a decision to remain underneath the existing tax regime, he could now not should pay any tax at all.
Pros of New Income Tax Regime:
• There are chances that humans will stop buying insuranceguidelines at the cease of the financial year just for the purpose of saving tax.
• Millennials will be the maximum beneficiary of the newtax regime as they dont have a tendency to store and make investments. With decrease tax on their income, they mayhave higher disposable earnings and they will boomthe intake within the economic system.
Cons of the New Tax Regime:
• India is a rustic in which the government does now not sponsor social security to its citizens. There are few schemes by way of the government wherein free healthcare blessings, sponsored housing advantages and pension benefits are availableto the residents of our country however there is an absence of absolutely advanced social securitymechanism in India not like developed countries inside theworld. Hence people should keep and make investmentson their very own for his or her retirement. Various deductions underneathsection 80C and phase 80D motivates and incentives humansto make investments with the aid of giving tax blessings. However below the new tax regime, and not using aincentive to keep and make investments for retirement, there are possibilitiesthat humans, specially the more youthful generation, shall not shop for retirement and begin spending recklessly and will no longer be able to build sufficient retirement corpus and will grow to be 0 financial savings in future.
• The Government of India has a very ambitious dream of Housing for all till 2022. To accomplish this dream, the authorities is giving subsidy to first time homebuyers. However the authorities has taken a opposite stand under through now not allowingdeduction of Interest on Housing Loan u/s 24(b) and principal part ofhousing loan underneath phase 80C, or stamp responsibilitypayment under phase 80C. Such provisions could be a roadblock for the government’s ambitious dream.
• In order to incentivise the acquisition of the electric carby using an character, the authorities in its Budget 2019, delivered segment 80EEB in which individuals can claimdeduction of Interest Payment upto Rs 1,50,000 on loan taken for buying electric powered vehicles. But within the new tax regime, assessee will no longer be capable of claim this deduction. This will be a roadblock for the government’s efforts to push clean electricity and incentivise electric vehicles.
• Government has also disincentivized the producing activitiesundertaken through the people /Huf especially MSME unitsby now not allowing extra depreciation undersegment 32(1)(iia) & deductions underneath section35AD under the brand new tax regime. This will disincentivize new investments and expansions plans of the MSME sectors and indirectly have an effect on activity creation. We all know that msme is the key job creator in our country.
Download And Prepare One by One Automated Income Tax Form 16 Part A&B And Part B (Modified Format) [This Excel Utility Prepare One by One Form 16 Part A&B And Part B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
19) Prepare At time 100 Employees Excel Based Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
20) All the Amended Income Tax Section have in this utility as per Budget 2019
21) You can print individual Form 16 Part B
22) Most easy to install just like an Excel File
23) Easy to Fill the all column
24) Automatic Convert the Amount to the In-Words
• The new tax regime will be a large headache for the employers as their employees will have the option to pick out one of the tax system. The calculation of TDS can be greatertedious as there's no readability from the government regardinghow and while the declaration shall be taken from employeeswho want to choose a new tax regime.
In conclusion,
• Individual and HUF with enterprise & profession earningshave no longer been given the choice to pick the brand new tax regime for every preceding yr in contrast to different Assessee. There become no such want to differentiate among assessees for the brand new tax regime.
Who will opt for New Tax Regime:
• Millennials who typically don’t save and invest can be the most important beneficiary of the brand new tax regime.
• Young Assessees who have started incomes latelyand whose coverage guidelines and different tax saving investments are finished by their parents.
• Assessees whose are in high tax bracket however do nothave investments options and other tax saving liabilities eg existingHome Loans, HRA etc
• Employees who are earning higher salaries and their employers are not chargeable for registration beneath EPF Act.
• Assessee who isn't always into manufacturing business whereinhe does now not have an choice to declare additionaldepreciation u/s 32(iia).
Suggestion to the government for making modifications in thenew tax regime to make it greater practical and attractive.
• The Government has tried to put into effect the tax regime as counseledin the DTC code document submitted to the authorities in August 2019 which cautioned enormous changes in tax slabs and lower tax quotes and non New Tax slabs suggested as beneath:
Source : ET wealth
However implemented the suggestion half heartedly and gave an choice to pick to select a new tax regime with revised tax slabs and decreased tax liability however no deductions and exemptions. However the new tax slabs will growth the tax liabilityas opposed to lowering the same. Government should have adjusted the tax slabs underneath the brand new tax regime in a mannerit ought to were tax neutral for the assessee. This ought to have simply made the tax machine for the taxpayers simplein genuine sense. With no deductions and exemptions to be claimed and paying tax on the real profits could have gladthe government’s objective to clearly the earningstax for a regular taxpayer and it can record the Income return with the aid of itself with out the assist of the expert.
• Government need to retain some of the deductions and exemptions which are mandatory for an assessee eg expert tax deducted from salary , worker contribution to provident fund etc. These deductions are mandated on the employees and in most of the cases are not non-compulsory. Such deductions should take delivery of to the assessee.
• Government must now not force the assessee to forgo all of the deductions beneath 80C. Government ought to have promoted term pure insurance plans preserving the deduction for the top class paid for the term insurance plans and notpermitting charges for other styles of life coverageregulations. This step will discourage the mis -selling of insurancepolicies via the retailers who promote the endowment regulations which are embedded with the extremelylow returns and assesses buy the same best for the tax gainpurposes. Assessee will be inclined to split its coveragerequirements needs from the funding goals and will look for better investment avenues.
• Government should allow deductions for interest on housing loans beneath segment 24(b) and major amount underneathphase 80C for the affordable housing schemes.
This will not derail the Housing for All vision of the authorities.
• Government have to also give assessee with commercial enterprise earnings an choice to choose the brand new tax regime every yr just like othereligible assessee and the restrict of allowing to pick outbest as soon as ought to be eliminated.
• Government have to hold to permit deductions undersection 80C by making an investment in tax saving mutual funds that allows you to deepen the capital market of India. Government might also growth the lock in period from threeyears to five years or 10 years with a view to make assessee stayinvested and achieve the gain of the investment inside the capital market for an extended horizon.
• Government need to additionally permit deduction underneathphase 80D as healthcare value in India is rising swiftlyand it's far now a need to have medical health insurancein each family to safeguard in opposition to clinicalemergencies.
Ending Remarks:
Honourable FM in her budget speech have quoted as under:
“I even have reviewed all the exemptions and deductions which gotincorporated inside the earnings tax legislation over the pastnumerous decades. It turned into sudden to understandthat presently multiple hundred exemptions and deductions of different nature are supplied in the Income-tax Act. I even have removed round 70 of them in the new simplified regime. We will overview and rationalise the lastexemptions and deductions inside the coming years so that it willfurther simplifying the tax machine and decreasing the tax price.”
Based on the above speech, we will effortlessly foresee the goal of the government that the brand new tax regime is going to stay and inside the coming years, the authoritiesmay also step by step shift to a new tax regime with decreasetaxes with lesser deductions and exemptions by using making the scrapping existing tax machine. The authorities has already brought similar tax structures for the organizationswith the aid of introducing section 115BAA which gives option to the organizations of paying company tax at lower chargesbut will must forgo diverse deductions and exemptions. Similar provisions are delivered for Co-operative Societies in this price range with the aid of introducing section 115BAD. Assessees shall need to gradually rethink their investments and tax saving alternatives so that you can take maximum gain of the brand new tax regime.
• Individual and HUF with enterprise & profession earningshave no longer been given the choice to pick the brand new tax regime for every preceding yr in contrast to different Assessee. There become no such want to differentiate among assessees for the brand new tax regime.
Who will opt for New Tax Regime:
• Millennials who typically don’t save and invest can be the most important beneficiary of the brand new tax regime.
• Young Assessees who have started incomes latelyand whose coverage guidelines and different tax saving investments are finished by their parents.
• Assessees whose are in high tax bracket however do nothave investments options and other tax saving liabilities eg existingHome Loans, HRA etc
• Employees who are earning higher salaries and their employers are not chargeable for registration beneath EPF Act.
• Assessee who isn't always into manufacturing business whereinhe does now not have an choice to declare additionaldepreciation u/s 32(iia).
Suggestion to the government for making modifications in thenew tax regime to make it greater practical and attractive.
• The Government has tried to put into effect the tax regime as counseledin the DTC code document submitted to the authorities in August 2019 which cautioned enormous changes in tax slabs and lower tax quotes and non New Tax slabs suggested as beneath:
Source : ET wealth
However implemented the suggestion half heartedly and gave an choice to pick to select a new tax regime with revised tax slabs and decreased tax liability however no deductions and exemptions. However the new tax slabs will growth the tax liabilityas opposed to lowering the same. Government should have adjusted the tax slabs underneath the brand new tax regime in a mannerit ought to were tax neutral for the assessee. This ought to have simply made the tax machine for the taxpayers simplein genuine sense. With no deductions and exemptions to be claimed and paying tax on the real profits could have gladthe government’s objective to clearly the earningstax for a regular taxpayer and it can record the Income return with the aid of itself with out the assist of the expert.
• Government need to retain some of the deductions and exemptions which are mandatory for an assessee eg expert tax deducted from salary , worker contribution to provident fund etc. These deductions are mandated on the employees and in most of the cases are not non-compulsory. Such deductions should take delivery of to the assessee.
• Government must now not force the assessee to forgo all of the deductions beneath 80C. Government ought to have promoted term pure insurance plans preserving the deduction for the top class paid for the term insurance plans and notpermitting charges for other styles of life coverageregulations. This step will discourage the mis -selling of insurancepolicies via the retailers who promote the endowment regulations which are embedded with the extremelylow returns and assesses buy the same best for the tax gainpurposes. Assessee will be inclined to split its coveragerequirements needs from the funding goals and will look for better investment avenues.
• Government should allow deductions for interest on housing loans beneath segment 24(b) and major amount underneathphase 80C for the affordable housing schemes.
This will not derail the Housing for All vision of the authorities.
• Government have to also give assessee with commercial enterprise earnings an choice to choose the brand new tax regime every yr just like othereligible assessee and the restrict of allowing to pick outbest as soon as ought to be eliminated.
• Government have to hold to permit deductions undersection 80C by making an investment in tax saving mutual funds that allows you to deepen the capital market of India. Government might also growth the lock in period from threeyears to five years or 10 years with a view to make assessee stayinvested and achieve the gain of the investment inside the capital market for an extended horizon.
• Government need to additionally permit deduction underneathphase 80D as healthcare value in India is rising swiftlyand it's far now a need to have medical health insurancein each family to safeguard in opposition to clinicalemergencies.
Ending Remarks:
Honourable FM in her budget speech have quoted as under:
“I even have reviewed all the exemptions and deductions which gotincorporated inside the earnings tax legislation over the pastnumerous decades. It turned into sudden to understandthat presently multiple hundred exemptions and deductions of different nature are supplied in the Income-tax Act. I even have removed round 70 of them in the new simplified regime. We will overview and rationalise the lastexemptions and deductions inside the coming years so that it willfurther simplifying the tax machine and decreasing the tax price.”
Based on the above speech, we will effortlessly foresee the goal of the government that the brand new tax regime is going to stay and inside the coming years, the authoritiesmay also step by step shift to a new tax regime with decreasetaxes with lesser deductions and exemptions by using making the scrapping existing tax machine. The authorities has already brought similar tax structures for the organizationswith the aid of introducing section 115BAA which gives option to the organizations of paying company tax at lower chargesbut will must forgo diverse deductions and exemptions. Similar provisions are delivered for Co-operative Societies in this price range with the aid of introducing section 115BAD. Assessees shall need to gradually rethink their investments and tax saving alternatives so that you can take maximum gain of the brand new tax regime.
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