The "sweetened new tax regime" refers to recent changes in India's income tax system, particularly within the new tax regime, which have been made more attractive by significantly increasing the tax-free income limit, lowering tax slabs for middle-income earners, and simplifying the process, essentially making it a more appealing option for a larger section of taxpayers, especially those with moderate incomes, compared to the older tax regime with more deductions allowed; this is seen as a positive step to encourage tax compliance and provide greater financial relief to the middle class.
Key points about the "sweetened new tax regime":
Higher tax-free limit:
The most notable change is the increased tax-free income limit under the new regime, allowing individuals to earn a higher amount without paying any income tax.
Revised tax slabs:
The tax slabs within the new regime have been adjusted to lower tax rates for specific income brackets, especially benefiting middle-income earners.
Simplified compliance:
The new tax regime aims for easier tax filing with fewer deductions and exemptions needed, making it less complex for taxpayers.
However, it's important to note that:
Not for everyone:
While the new regime is considered "sweetened", individuals with high deductions due to factors like home loans or high medical expenses might still benefit more from the older tax regime.
Choice remains:
Taxpayers still have the option to choose between the old and new tax regimes based on their individual financial situation and deductions they can claim.
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