Implementing a unified tax system, which incorporates the benefits of the old and new tax systems, is one suggested option that would facilitate taxpayer compliance.
The Union Budget 2020’s New Tax Regime was created with the intention of simplifying and streamlining the taxation system. On February 1st, Finance Minister Nirmala Sitharaman will announce the Union Budget for fiscal year 2026, her seventh budget presentation to date. In order to address India’s slowing domestic economy and the current global uncertainties, this year’s priorities include increasing capital investment, simplifying taxation, and putting policies in place to increase demand.