IndiaвЂ™s Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman, on 1, 2020 tabled the Union Budget for the FY 2020-21 in the Lok Sabha february. She announced a brand new tax regime as well as the current one, to give relief to specific taxpayers.
Nevertheless, this brand new regime is optional as well as the taxpayers can decide amongst the old in addition to brand new, basis their suitability. The brand new regime has foregone particular deductions and exemptions.