The Centre is expected to announce a new personal income-tax regime without exemptions in the upcoming Budget, a report by Mint said. Among the many proposals being examined is to add more slabs so that the income range in each slab is narrower.
The Centre has been conducting several rounds of discussions around it. "Extensive discussions have been held, and you have to wait for the Budget for the revised scheme," a person aware of the matter told the newspaper.
The discussions revolved mostly around two aspects. One, on a new income-tax regime which is more acceptable while keeping it simple. Second, the shift by a large number of individuals should be revenue-neutral.
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