Quick Summary
Robust Growth in Tax Returns and Collections Signals Success of New Income Tax Regime The governments efforts to enhance tax collections, broaden the tax base, and increase taxpayer compliance appear to be gaining momentum with the implementation of the new income tax (IT) regime in the current financial year. With more than 80 million income tax returns (ITRs) filed for the assessment year 2023-24, a notable increase from the previous year, and a robust annual growth of 29.4% in personal inc
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FAQ :
Over 60% of taxpayers have adopted the new income tax regime.
The new regime offers lower tax rates, a higher threshold for the highest tax rate, an increased basic exemption, and enhanced rebates, making it more lucrative for many taxpayers.
Experts suggest reducing the highest tax rate from 30% to 25%, increasing the threshold limit, raising the standard deduction, and increasing the basic exemption limit.
The earlier version, launched in 2019-20, was less popular because its tax slabs were less attractive compared to the old regime, especially when considering the deductions and exemptions available.
It is uncertain if the government will introduce further changes in the upcoming interim Budget, with some experts believing significant alterations are unlikely at this stage.
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