India ITR Filing: 6 Crore Filed, 70% Under New Regime - PTI
Jul 30, 2024 17:05
India's Revenue Secretary reveals that 6 crore ITRs have been filed for FY24, with 70% opting for the new simplified tax regime offering lower tax rates. Learn more about the new tax regime and its impact on compliance burden.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jul 30 (PTI) 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.
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