In the story of the human race, there is only one persistent object, and that is replaced. Likewise, this is the initial period after all the realisation of Independence by India that there is a voluntary tax regime. Because this year’s tax regime is interchangeable to a double-edged sword where you have an option and you can limit your choices.
While talking about the new tax regime, the budget for 2020-21 has declared this new tax regime, wherein an individual taxpayer can choose for lower tax rates combined with the very few subtractions available and fewer exempt allowances available. And in the Old or Regular Tax Regime, it means whereas in a regular tax regime, a taxpayer has to reimburse tax at higher rates but he has the right to assert various exemptions and deductions.
Then coming to the implications of choices based Tax Regime for Salaried class and Business fraternity, In the effect on Salaried Class; a salaried person has special advantages in the sight that the salaried person has the right to select between the old tax regime or the new tax regime every year.
And coming to the effect on Business Class, No Choice after the initial choice of New Tax Regime that is a person with Business Class has restriction in a double-edged regime of tax and he has to assess the effect of tax regime on a long term basis and then opt a particular tax regime as once he opt a certain tax regime, in the coming year but he cannot move it to other tax regimes.
Then it contracted the Period for Filing the Belated Income Tax Return (ITR), lastly, If you broke to file your ITR by the due date (that was July 31st ), then also you could file ITR by March 31st same with the late fee. Likewise, a close rule was relevant in case of omission. And now the Finance Bill 2021-2022 has proposed to decrease the time limit by 3 months that is till December 31st of the same financial year. Subsequently, don’t delay the filing of income Tax Returns. this is the initial period after all the realisation of Independence by India that there is a voluntary tax regime. Because this year’s tax regime is interchangeable to a double-edged sword where you have an option and you can limit your choices.
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