What Is Personal Tax Relief?

Tax reduction and exemption mainly refers to the special provisions for reducing or exempting taxation on certain taxpayers and taxation objects. ^[1]

tax deduction

The national tax system is based on the general conditions of the national economy and is universal. However, during the development of the national economy, there will always be some individual, special or temporary situations, such as the development of new products and the occurrence of natural disasters. In order to combine the universality and particularity of taxation, to better reflect taxation policies, and to facilitate the development of production, we must

The global financial crisis has affected India's economic development. In this crisis, the implementation of the Direct Tax Act (DTC) was postponed until after April 2012. The Indian Finance Minister has tried his best to slightly increase tax rates in the previous budget to match them with the proposed amendments to the direct tax law. In addition, the government needs to implement more measures to revive India's sluggish economy and reduce individual taxpayers Financial burden. One way to reinvigorate the economy is to encourage households to spend more on necessities while increasing the purchase of dream items. In today's high prices, the government can achieve this by providing tax incentives to increase disposable income. In the upcoming budget, the Minister of Finance may consider introducing new tax relief policies while reviewing the restrictions set for existing tax relief.