New Delhi: Finance Minister Nirmala Sitharaman has announced significant Finance Minister for income taxpayers, stating that the government is actively working to simplify and reduce taxes. She highlighted that multiple steps have already been taken in this direction and efforts will continue to streamline the tax process.
Speaking at a media event, Sitharaman addressed questions on potential future tax cuts, reaffirming the government’s commitment to simplifying the tax system. “We have been working on simplifying direct taxation since 2019,” she said.
The introduction of the new tax regime aimed to reduce the tax burden, offering lower rates than the old regime. However, taxpayers planning their investments tend to stick with the old regime. Sitharaman emphasized that having two regimes provides taxpayers with more options.
