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Budget 2025: Why the government is reluctant to reduce personal income tax
By : Vidya
The new tax regime offers lower tax rates for forgoing various deductions and rebates for interest paid on housing loans
The NDA government led by Prime Minister Narendra Modi has not made any major changes to the personal income tax laws since it took office in May 2014, much to the disappointment of many taxpayers.
However, it did introduce a new simplified tax regime and for those staying with the old tax regime, it halved the rate to 5% for the lowest tax slabs.
The new tax regime offers lower tax rates for forgoing various deductions and rebates for interest paid on housing loans, investment in social security instruments and expenses on child education.
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