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For the 2022-23 fiscal, 8.61 crore ITRs were filed | Photo: Shutterstock
About 6 crore income tax returns have been filed for income earned in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday.
Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime.
“About 6 crore filed for last year and 70 per cent is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden,” Malhotra said.
For the 2022-23 fiscal, 8.61 crore ITRs were filed.
The idea behind comprehensive income tax review as announced in the Budget is to make the tax law simpler.
“We will come up with a draft and then we will seek suggestions,” Malhotra said.
Currently, India has two personal income tax regimes. In the old income tax regime, the tax rates are relatively high but taxpayers can claim several exemptions and deductions. However, in the new tax regime, tax rates are lower but fewer deductions.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 30 2024 | 11:40 PM IS
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