About 6 crore revenue tax returns have been filed for revenue earned in 2023-24, of which 70 per cent had been filed beneath the brand new simplified tax regime which provides decrease charge of tax, Income Secretary Sanjay Malhotra stated on Tuesday. Addressing the post-budget session of PHD Chamber of Commerce and Trade, Malhotra stated there have been apprehensions as as to whether individuals would shift to the simplified tax regime. “About 6 crore filed for final 12 months and 70 per cent is beneath the brand new revenue tax regime. The entire transfer has been in the direction of simplicity with the final word goal being to cut back the compliance burden,” Malhotra stated.
For the 2022-23 fiscal, 8.61 crore ITRs had been filed.
The concept behind complete revenue tax evaluate as introduced within the Price range is to make the tax regulation less complicated.
“We’ll give you a draft after which we are going to search strategies,” Malhotra stated.
At present, India has two private revenue tax regimes. Within the outdated revenue tax regime, the tax charges are comparatively excessive however taxpayers can declare a number of exemptions and deductions. Nonetheless, within the new tax regime, tax charges are decrease however fewer deductions.