New income-tax regime is now the default regime.
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The benefit of standard deduction has also been extended to the new tax regime.
· The rate of tax surcharge for applicable persons has been capped at 25 percent for individuals with total income over Rs 5 crore, versus 37 percent in the old tax regime.
Employer contribution to the National Pension System (NPS) has been allowed as an eligible deduction. It may be noted that employee contribution to NPS, which is eligible for deduction under Section 80CCD(1B) of up to Rs 50,000 per annum under the earlier tax rule, is not allowed as a deduction under the new tax regime.
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not default. source is spreading hoax.
New regime is the default. In the sense, when you file, the option to choose tax regime will be set to new regime as default. You have to choose old regime if you want to declare taxes via old regime.
Ek business man ko 250k tak hi chhut hai.. how all come with 5 7 10 lakh free? Slaary walo ko hoga chhut.m bcz when i file itr after 250k it wont free
Was this announced newly, esp standard deduction?