Budget 2023: New income tax regime to be the default tax regime
Budget 2023: FM Nirmala Sitharaman said that the government has taken a slew of measures to make the voluntary tax regime more attractive and will forego revenue in the process.
The new tax regime is now going to be the default tax regime, announced the Finance Minister during her Budget speech today. She stated that the government has taken a slew of measures to make the voluntary tax regime more attractive and will forego revenue in the process.
“Moving forwards, the new tax regime will be the default. However, citizens can continue to use the old one too,” added Sitharaman.
Till day, the old tax regime was the default tax regime. The tax payers had to manually opt for the new tax regime if they wanted to opt for the new tax regime.
Watch the video on the updates on the tax regime
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.