Old income tax regime with deductions must go: Revenue Secretary Tarun Bajaj

Revenue Secretary Tarun Bajaj has said that the old income tax regime must be disincentivised and the new regime must be incentivised with no exemptions. "The new regime will not take over unless we do so," Bajaj said. "What should the simple regime be? The simple regime should be broader tax slabs, lower taxes, no exemptions," he added.