1. New regime of Income tax slabs to those who don’t opt for any exemption or deduction.(Hassle free Tax computation)
2. Measures to prefill and autocalculate tax in ITR for those who opt new regime, *without any assistance from Professionals*. (Again, easy computation)
3. 70 of the exemptions and deductions to be removed entirely for those who opt new tax regime . (That’s a huge cut down)
4. Rest of the exemptions and deductions to be simplified.
5. No AMT for cooperative societies.
6. Turnover limit under 44AB for Tax audit of MSMEs with less than 5% business transactions in cash is raised to Rs.5 Crores.
Now small tax payers and MSMEs, with this advantageous simplification in Direct Tax, will no longer be required to approach CAs.
Now, what is the plight of small sized CA firms whose work is limited only to Individual Tax Filings and Small Business concern Audits?!