Income Tax Rates: Taxpayers can get big relief!!!
Finance minister nirmala sitharaman has said that we have to ensure that the income tax rate continues to decrease and the tax system becomes simple, this will help in increasing the number of taxpayers. The Finance minister said, in the next six months, the new tax code or new Income Tax Act will be in front of us which will be very simple and taxpayers will be able to understand its language easily. According to the Finance minister, the CBDT committee is working on it.
72% taxpayers adopted the new tax regime
Addressing the program organized on the 165th anniversary of Income Tax, the Finance minister said about the new income tax regime, we brought it and in just two years, 72 percent taxpayers have adopted the new income tax regime. Taxpayers are finding the new regime very attractive. The Finance minister said, questions were being raised about the new income tax regime but 72 percent of taxpayers have chosen the new income tax regime to file income tax returns in which the tax rate is low, there is no deduction and there is no compliance headache.
60 lakh new taxpayers
The Finance Minister said, many people say why there is no deduction in the new regime like the old tax regime? She said, I want to say that as a new regime we are giving options to taxpayers, we are not forcing anyone to adopt it. Taxpayers should adopt the regime that suits them. Nirmala Sitharaman said, we have to continuously ensure that the income tax rate is reduced and the tax system becomes simple. This will help in increasing the number of taxpayers as we have seen due to the new income tax regime. The Finance minister said, this year there has been an increase in the number of taxpayers filing income tax returns. There are 59.57 lakh taxpayers who have filed income tax returns for the first time.
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