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Confident that 50% taxpayers will shift to new regime Now: Revenue Secretary Sanjay Malhotra

Those who are saving for tax purposes, I think that proportion is reducing. The new generation is now looking at different options for investments and savings, (which are) not necessarily linked to these tax-saving instruments. There may be some concerns, but overall we feel that taxation should not be the instrument to promote savings, Malhotra said.

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