The government is undertaking an exercise to refine the new tax regime, aiming to enhance its simplicity and appeal to the salaried This effort may involve rationalising tax slabs and adjusting rates.
Amid the Budget preparation, the revenue department is assessing the feasibility of further adjustments to maximise benefits for salaried individuals. "Gradually transitioning to a predictable tax regime with mini-mal rates and phasing out deductions and exemptions have always been the intention, and will be a central focus in the review process, which could potentially include changes in tax rates," an official familiar with discussions on the matter told Business Standard.
Another official indicated: "Such a move requires extensive deliberation and calculations. Any decision may be finalised close to the July 2024 Budget or possibly in the February 2025 Budget."
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