Under the tax structure announced in the budget, marginal relief will be calculated by deducting the amount exceeding ₹12,00,000 from the tax calculated on the entire taxable income
The Delhi High Court had earlier this week dismissed the party's plea, challenging Income Tax Department's order opening of reassessment proceedings against it for 2017-18, 2018-19, 2019-20, and 2020-21.
Finance Minister Nirmala Sitharaman today announced a new dual regime of taxation for individuals and HUF (Hindu Undivided Family). This is first time in Income tax where such dual regime would be applicable.