Budget 2020 introduced the option for individual taxpayers to pay taxes at lower rates beginning FY21 if they forego certain exemptions and deductions. The government has sweetened the deal recently, with the Central Board of Direct Taxes (CBDT) notifying certain allowances that can continue to be claimed as deduction, even after opting for the lower tax regime. Not only this, there are a few other exemptions and deductions that are still available. Here’s more on what you can and cannot avail:
Some allowances permitted
For the salaried class, opting for the lower tax regime could result in a whole ...
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