TIL Desk/Business/New Delhi/ With experts terming the new tax regime complex and unavailing, Finance Minister Nirmala Sitharaman on Sunday said the new structure will definitely benefit taxpayers in certain brackets, and more clarification will be issued by the government, if needed.
Soon after the announcement of new income tax regime, the government on Saturday evening came out with a list of exemptions applicable for taxpayers switching to the new tax system. “Last night one set of clarificatory notes was released, today there will be more. That the new scheme will eventually result in people paying more than in the old scheme, why would I come with such a system,” Sitharaman said here.
She defended the new scheme by saying that it will benefit some taxpayers falling in certain brackets, if not all. ” because the income cuts are deeper in the new scheme, we believe a taxpayer from a particular income bracket will be much better off coming into the new system. And the new system, however much I repeatedly say has no exemptions, there are some exemptions that we have allowed in the new system also,” she said.
