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
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN - Rs.1999
1799
(Excl. of GST ₹323)
2 Years PLAN - Rs.3499
3149
(Excl. of GST ₹566)
BEST VALUE
3 Years PLAN - Rs.4999
4499
(Excl. of GST ₹809)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
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.
CAclubindia
