The change is an indication of the government's intention to cease the complicated taxation process with the exemptions and deductions by introducing a simple tax calculation with lower tax rates, in other words, the State wants to tell the taxpayers that, " Give to Caesar the things that are Caesar's and to God the things that are God's." (Mark 12:17).Īs our tax payments are supposed to be used by the government for conducting various development projects of the country through welfare schemes including funding of public infrastructure, expansion& welfare projects, and employment programs. A major change introduced in the finance bill 2023 is making the New Income-Tax regime as the default option for all salaried taxpayers, though, with the option to select the old tax regime.
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