income tax return (ITR) forms, which helped in making the tax filing process easier. In Budget 2020, it introduced a new optional tax regime, which has lower tax slabs resulting in lower tax liability, though it comes with certain conditions.The new tax regime provides more flexibility to the taxpayers in terms of where they want to invest.
Since taxpayers are not eligible for any tax deduction or exemption under the new tax regime, they are not required to buy specific tax-saving products.
However, this aspect has also made the new tax regime less attractive for those who have been availing of deductions and exemptions.