| Thursday, 02 February 2023 |
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Good morning [%first_name |Dear Reader%],
A couple of weeks ago, I wrote about an old-versus-new dilemma facing the Indian government. There have been very few takers for the new simplified income tax regime rolled out in Union Budget 2020-21; an overwhelming majority of taxpayers have clung on to the old regime.
An unhappy government wants to change this, but it’s proved easier said than done.
With Union Budget 2023-24, however, presented yesterday, the government has given the new tax regime a mighty shot in the arm. And the old regime, it seems, is destined to be atrophied by an old but effective tactic—neglect.
Now, all this may have some unintended consequences. But first, it’s time for a bit of context-setting.
Until yesterday, this was the situation:
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