Introduced in the Union Budget 2020, the new tax regime offers lower tax rates but eliminates most deductions and exemptions. Taxpayers can opt for the new regime, where they have to forego deductions and exemptions but pay taxes at lower rates. Under this regime, taxpayers do not need to compute deductions and can directly apply the slab rates to calculate their tax liability.
The following sections are applicable under the new regime:
- Gratuity
- Leave encashment
- Reimbursement as per client requirement
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