Quick Summary
In a recent address at an event, Finance Minister Nirmala Sitharaman reaffirmed that the government will not be reducing tax rates under the old tax regime. This statement comes in response to ongoing calls from taxpayers for similar rate reductions in both the old and new tax regimes. Sitharaman was very clear that the taxpayers are not being compelled to opt for this new regime from the previous one. "We are not compelling anyone to move," she said, highlighting that over 78% of taxpayers hav
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FAQ :
No, Finance Minister Nirmala Sitharaman has confirmed that tax rates for the old tax regime will not be reduced.
No, the Finance Minister stated that taxpayers are not being compelled to move from the old tax regime to the new one.
The government has reduced taxes and increased the standard deduction to £75,000 for middle-class individuals in the new tax regime.
The Finance Minister explained that the government's goal is to rationalise the taxation process, with changes specifically tailored to the new scheme to make it less cumbersome.
Over 78% of taxpayers have already opted for the new tax regime.
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