In the Union Budget 2020, Finance Minister Nirmala Sitharaman has proposed a new Income Tax Regime, in which there will be seven tax slabs with lower tax rates up to taxable income of Rs 15 lakh compared to the Old Tax Regime. However, unlike the old regime, there will be no tax deductions on investments and expenses under the new regime.
Health, life insurance premiums need a tax cut? GoM to meet on October 19
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