Income Tax Rates For FY 2021-22: How to choose between Old Regime and New Regime

While presenting the Finance Bill along with Budget 2015, the then Finance Minister Arun Jaitley highlighted an interesting statistic in his Budget Speech. It was pointed out that though the corporate tax rates prevailing in the country at that time was 30%, on account of various exemptions and deductions which were available to corporates, the effective tax rate came out to be 23%. The Minister committed to the House that over the years, the deductions/exemptions available to the corporates will be phased out and as a consequence, the corporate tax rates will be reduced to 25%.While presenting the Finance Bill along with Budget 2015, the then Finance Minister Arun Jaitley highlighted an interesting statistic in his Budget Speech. It was pointed out that though the corporate tax rates prevailing in the country at that time was 30%, on account of various exemptions and deductions which were available to corporates, the effective tax rate came out to be 23%. The Minister committed to the House that over the years, the deductions/exemptions available to the corporates will be phased out and as a consequence, the corporate tax rates will be reduced to 25%.