Should you opt for Modi govt’s new income tax regime introduced in Budget?

One of the most anticipated decisions in the Union Budget concerned income tax. Union Finance Minister Nirmala Sitharaman chose an unconventional path, and announced the creation of a new tax regime which will be optional. Under the new system, assessees can forego existing deductions and exemptions in favour of lower tax rates. However, the old regime will continue to operate for those who wish to avail of its benefits. Nitin Baijal, Director, Personal Tax, and Sameer Gogia, Director, Direct Tax at Deloitte, Haskins and Sells, explain the various direct tax initiatives in the Union Budget.