With Finance Minister Nirmala Sitharaman announcing big rebates for taxpayers in the middle-income group under the new tax regime, many were left wondering if the government plans to scrap the old tax regime. The Finance Minister did not mention the old tax regime during her speech and the Budget document, too, is silent on it. The document, however, specifies that the revised tax slabs apply to those opting for the new tax regime.
Ms Sitharaman clarified this during her interaction with the media this evening. Asked if the old regime is being discontinued, she replied in the negative and said she would have announced if this was the case. Top government officials then said nearly 75 per cent taxpayers have moved to the new regime. This means the government won’t scrap the regime but let it fade away as people move to the new regime. She also said the new income tax law will have to go through the Parliament.
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