In this context, the tax proposals in the budget were focused on providing continuity and stability, albeit with some important changes. Despite the buoyant tax revenues in the current fiscal, the budget did not see any across-the-board cuts for individuals. However, the new tax regime introduced for individuals in 2020 saw several changes through a rationalization of slabs, a reduction in surcharge applicable to top brackets as well as an increase in the rebate amounts. These changes will undoubtedly make this regime more attractive for individuals.
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