The Union Budget 2020 announced a new simplified tax regime, which Finance Minister Nirmala Sitharaman claimed would reduce the amount of tax paid. The idea would be appealing to those undergoing a cash crunch due to the ongoing covid-19 crisis. However, there’s a catch. Back-of-the-envelope calculations show that the tax liability reduces under the new regime only in a few scenarios.
Health, life insurance premiums need a tax cut? GoM to meet on October 19
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