News > New capital gains regime to simplify tax system: CBDT Chairman

New capital gains regime to simplify tax system: CBDT Chairman

The new tax provisions and the capital gains tax regime will enable people to save more money than before and simplifying the tax assessment process will also provide relief to taxpayers, Ravi Agarwal, Chairman of Central Board of Direct Taxes (CBDT), said. In the new tax regime, Income tax on income up to Rs 10 lakh has been reduced to 10 per cent, and the standard deduction has been increased from Rs 50,000 to Rs 75,000.