Anew tax regime with streamlined regulations that drastically lowered exemptions and deductions was unveiled in Budget 2020. The government made a number of adjustments to incentivize more taxpayers to choose this regime and take advantage of its benefits. A standard deduction was introduced, the basic exemption limit was raised to Rs 3 lakh (from Rs 2.5 lakh in the previous regime), tax slabs were expanded, the surcharge on incomes above Rs 5 crore was lowered from 37 per cent to 25 per cent, and individuals earning up to Rs 7 lakh were guaranteed to pay no taxes. Expansion of exemption in LTCG tax In order to bolster investor confidence and stimulate additional capital market investment, the government is contemplating an increase in the current exemption limit from Rs 1 lakh to Rs 2 lakh. Modi 3.0 Budget Can Make 'New Tax Regime' More Attractive: Know The Reasons Behind It © Provided by Deepak kumar blogs Since the fiscal year 2018–19, transfers of equity shares or units of ...
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