The most awaited changes expected in the budget are relating to
personal income tax. This was a historic 7th budget for our Finance
Minister, Nirmala Sitharaman and the first of the Modi Government
3. The focus of the budget has been to create employment and thus
schemes for skilling youth with industry relevant courses,
promotion of internship of youth in top companies, PF reimbursement
for additional employees employed during the year etc. have been
introduced.
The Government introduced the new regime of taxation for
individuals a couple of years back which was without any deductions
or incentives. The individuals could optionally apply the old
regime or the new tax regime. Last year, the new tax regime was
made the default regime of taxation clearly indicating that the
government wanted to promote the new exemption and deduction free
tax regime.
