During the previous government’s regime, there was a lot of talk about tax terrorism. And this government had vowed to end this. But have things really changed?
Let’s look at some positives since 2014. The limit for deduction under section 80C has been increased from Rs 100,000 to 150,000, and the limit for deduction of interest payment on loan taken for a self-occupied house was increased from Rs 150,000 to Rs 200,000. The tax rate for the slab between Rs 250,000 to Rs 500,000 has been brought down from 10 per cent to 5 per cent. In addition, some tinkering has been done with the National Pension Scheme to bring it closer to the tax status of Employee Provident fund.
Some good changes have also happened on the tax administration front refunds below Rs 50,000 are processed really fast. Many people who filed their returns in July 2018 and had minor refunds have already been received them. Also, the first baby steps on grievance re
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