tax regime - Finance Bill: Tax benefits for debt mutual funds removed
The bill was passed without a discussion as parliament continued to remain stalled over demands for a probe into allegations against the Adani group
Source: telegraphindia.com
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Lok Sabha passes Finance Bill; tax benefits for debt mutual funds removed
In a relief to taxpayers opting for deductions and exemption-free new tax regime, individuals earning marginally higher income than no-tax ceiling of Rs 7 lakh will continue to pay nil tax. NEW DELHI: The Lok Sabha on Friday approved The Finance Bill 2023 with 64 official amendments including providing tax relief to some taxpayers opting for new tax regime, and removing long-term tax benefit for debt mutual funds to bring them at par with other interest earning instruments. Under the new tax regime with effect from April 1, if a taxpayer has an annual income of INR 7 lakh s/he pays no tax. But...
Source: easternmirrornagaland.com