Ritik Chopra
Quick Summary
A new income tax regime was introduced in Budget 2020 with more tax slabs and lower tax rates. The main motive behind this is to remove the dependency of citizens on tax consultants and simplify the tax structure. The new tax regime has reduced tax slabs for individual and HUF taxpayers with a condition to forgo certain tax deductions or exemptions. Let us discuss the new regime in this article. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter,
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