New Tax Regime Shrinks Deductions, Shifts Relief to Rebates
TL; DR After becoming the default in FY 2023–24, the new tax regime significantly reduced exemption-based claims, mainly among Individuals & HUFs. Total revenue foregone fell sharply, driven by a near halving of Section 80C deductions from ₹1.2 lakh crore in 2022–23 to ₹49,317 crore in 2023–24, returning to 2016–17 levels. Section 80D deductions also [...] The post New Tax Regime Shrinks Deductions, Shifts Relief to Rebates appeared first on FACTLY.