Finance Minister Nirmala Sitharaman on Saturday announced several measures to provide significant relief to the individual taxpayers and to simplify the Income-Tax law. In the new tax regime announced in the Union Budget 2020, substantial tax benefit will accrue to a taxpayer depending upon exemptions and deductions claimed by him. Under this regime, tax payers will continue to get tax rebate on Employees’ Provident Fund Organisation (EPFO), National Pension Scheme (NPS), Retirement Fund, Gratuity, and others. The new tax regime shall be optional for taxpayers. An individual who is currently availing more deductions and exemption under the Income Tax Act may choose to avail them and continue to pay tax in the old regime. Watch full bulletin.
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