Standard deduction increase under new tax regime raises allowable salary and family pension deductions to incentivize regime shift. An amendment makes the standard deduction for salaries and the family pension deduction operate as if the lower statutory caps were substituted by higher ... Summary
Standard deduction increase under new tax regime raises allowable salary and family pension deductions to incentivize regime shift.
An amendment makes the standard deduction for salaries and the family pension deduction operate as if the lower statutory caps were substituted by higher caps where income-tax is computed under the specified clause of the new tax regime; these substitutions apply only when tax is computed under that new-regime provision and take effect from the stated future assessment year.
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