https://www.taxtmi.com/news?id=22473 Introduction of an optional personal income tax regime offering lower slab rates in exchange for the taxpayer foregoing specified deductions and exemptions; taxpayers may retain the existing regime and its benefits if they choose. The option must be exercised each previous year for non-business taxpayers, while for taxpayers with business income the option, once exercised, continues for that year and subsequent years unless statutory conditions are not satisfied. Administrative measures include prefilled returns and a programme to remove and rationalise many existing exemptions and deductions. en-us Sat, 01 Feb 2020 15:35:49 +0530 Sat, 01 Feb 2020 15:35:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=22473 Introduction of an optional personal income tax regime offering lower slab rates in exchange for the taxpayer foregoing specified deductions and exemptions; taxpayers may retain the existing regime and its benefits if they choose. The option must be exercised each previous year for non-business taxpayers, while for taxpayers with business income the option, once exercised, continues for that year and subsequent years unless statutory conditions are not satisfied. Administrative measures include prefilled returns and a programme to remove and rationalise many existing exemptions and deductions. News - Sat, 01 Feb 2020 15:35:49 +0530 https://www.taxtmi.com/news?id=22473