In Budget 2020, the finance minister announced a new tax regime that included new tax slabs and lower tax rates. The majority of taxpayers have long requested this, but it came with the caveat that all deductions and exemptions allowed under the old tax system would be eliminated. The finance minister gave taxpayers the option of choosing between the new and old tax regimes, leaving the decision up to them. Because of the interaction of all of these factors, tax rules have become more complicated rather than simpler.