New Income Tax Bill: Ravi Aggarwal further said that the government is trying to bring people into the new tax regime. Currently, about 75 percent of taxpayers are in the new tax regime. After income tax exemption, 95-97 percent of taxpayers will be in the new regime. It will be made easier for taxpayers to file tax returns.
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Income Tax: Finance Minister Nirmala Sitharaman had said in her budget speech that the new Income Tax Bill will be tabled in Parliament soon. After this, there can be major changes in the rules related to income tax. CBDT Chairman Ravi Agarwal had a special conversation with CNBC Awaaz correspondent Alok Priyadarshi on what will be special in the new Income Tax Bill. In this conversation, Ravi Agarwal said that the 64-year-old Act has been constantly changing. Now it is time to change it into a new and modern Act. The new Act is according to the convenience of taxpayers. Old and useless provisions have been removed in it. It will be almost half as compared to the old Act.
Ravi Agarwal further said that full care of AI and digital economy has been taken in the new Act. Recommendations of Parliament committees will be included in it. The government is trying to bring people into the new tax regime. Currently, about 75 percent taxpayers are in the new tax regime. After income tax exemption, 95-97 percent taxpayers will be in the new regime. It will make it easier for taxpayers to file tax returns.
No reconsideration on online gaming GST
Meanwhile, CNBC Awaaz also had an exclusive conversation with CBIC Chairman Sanjay Agarwal. In this conversation, he said that there is no reconsideration of 28 percent GST on online gaming companies at the moment. In this exclusive conversation, the CBIC Chairman said that after the custom duty, now the Agri and Infra Development Cess will be rationalized. There is a preparation for relief on items with high custom duty. Custom duty has been reduced from 15 percent to 8 percent. The next step will be rationalization in AIDC. There is no concern about US tariff right now. GST revenue has increased 4 times from online gaming.
