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New Income Tax Bill 2025 to propose no tweaking between old, new tax regimes every tax year; here's what it means for taxpayers

The article from MSN discusses the potential introduction of the New Income Tax Bill 2025 in India, which aims to eliminate the annual choice between the old and new tax regimes for taxpayers. Currently, individuals can switch between these regimes each year, but the new bill proposes that once a taxpayer opts for a regime, they will be locked into it without the ability to switch back and forth annually. This change is intended to simplify tax planning and compliance. The new regime, introduced in Budget 2020, offers lower tax rates but fewer exemptions and deductions compared to the old regime. This shift could mean taxpayers need to carefully consider their long-term financial strategy, as the decision to choose one regime over the other will have lasting implications on their tax liabilities. The bill, if passed, would require taxpayers to make a more permanent choice, potentially affecting their financial planning and investment decisions.

Read the Full MSN Article at:
[ https://www.msn.com/en-in/money/topstories/new-income-tax-bill-2025-to-propose-no-tweaking-between-old-new-tax-regimes-every-tax-year-here-s-what-it-means-for-taxpayers/ar-AA1yTiCq ]