Income Tax: The Finance Minister said that the popularity of the new Income Tax regime has increased and 72 percent of taxpayers have filed ITR under this regime.
Income Tax Day: 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 for filing income tax returns in which tax rates are low, there are no deductions 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 the taxpayers, we are not forcing anyone to adopt it. Taxpayers should adopt the regime they find suitable. Nirmala Sitharaman said, we have to continuously ensure that the income tax rate comes down 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.
The Finance Minister advised the officials to be friendly
The Finance Minister has asked the tax department and its officials to be faceless, fair and friendly with the taxpayers. He has asked to make the language of the notices sent by the department to the taxpayers simple and non-technical so that the taxpayers can understand them easily and they do not have to hire a lawyer to answer the tax department. The Finance Minister said that we should talk to our taxpayers in very simple language.
