<p>The new Income Tax bill, introduced in the Lok Sabha today by Finance Minister Nirmala Sitharaman has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act. The number of sections is 536, as against 819 effective.</p><p>It is concise, simpler, and crisper than the existing law. Here is a look at all deductions that have changed or have been introduced in the new I-T bill:</p>.<p>1) Most deductions remain unchanged (80C, 80D, 80GG, 80U, 80EEA).</p><p>2) Higher standard deduction (Rs 75,000) benefits salaried employees and pensioners under the new tax regime.</p><p>3) New deductions introduced for electric vehicle purchases and startup tax relief.</p><p>4) No increase in 80C or home loan interest limits.</p>
<p>The new Income Tax bill, introduced in the Lok Sabha today by Finance Minister Nirmala Sitharaman has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act. The number of sections is 536, as against 819 effective.</p><p>It is concise, simpler, and crisper than the existing law. Here is a look at all deductions that have changed or have been introduced in the new I-T bill:</p>.<p>1) Most deductions remain unchanged (80C, 80D, 80GG, 80U, 80EEA).</p><p>2) Higher standard deduction (Rs 75,000) benefits salaried employees and pensioners under the new tax regime.</p><p>3) New deductions introduced for electric vehicle purchases and startup tax relief.</p><p>4) No increase in 80C or home loan interest limits.</p>
