• During the budget speech in Parliament, Finance Minister Nirmala Sitharaman said that the government has made the new income tax regime more attractive for taxpayers.
With the announcement of the Union Budget 2023, CBDT Chairman Nitin Gupta said that the new income tax regime has been 'sweetened' for filing returns.
Gupta said that while announcing the new slabs and rates under the new tax regime, the government's intention is to gradually "do away with deductions and exemptions" so that "the long-standing demand of tax reduction for individual taxpayers and entities is met". demand can be met." ,
Yesterday, Finance Minister Nirmala Sitharaman said during the budget speech in Parliament that the government has made the new income tax regime more attractive to taxpayers and thus brought 'substantial changes' in its structure for the benefit of the middle class.
The CBDT chairman said that the new tax regime for individuals was prescribed two years ago, but "the benefits were not reaching the people and now the government has diluted the tax slabs again and the benefits are now clearly visible". Is".
"The new dispensation is really sweet... The section of taxpayers who would not be benefited would be a very small section which is enjoying all kinds of benefits in terms of interest on house property, deduction under section VIA etc. and only The same types of taxpayers may be affected because they would have been better off under the old regime".
The CBDT chairman said that there are about 3.5 crore salaried taxpayers in India and every salaried taxpayer opting for the new regime would be at par with the old regime as standard deduction has been provided in the new regime… Equality conditions have been set up Is."
"The reduction in number of slabs and widening of slabs will now benefit all and fulfill the long-standing demand of tax cuts," he said.
PTI news agency asked the CBDT chairman whether the new tax regime would be a "default" tax option, adding that taxpayers would have complete freedom to choose any one of the tax filing systems and choose any of them without any disadvantages including convenience. I won't be going back to the old plan.
"The new regime is the default scheme in the sense that what appears on the screen (on the e-filing portal) will be the new regime but the option remains and the taxpayer can switch between regimes..."
"There is no disincentive for any section of taxpayers and they can choose the regime of their choice," he said.
Gupta said an 'online calculator' will also be made available to taxpayers as before on the e-filing portal to compare tax liabilities under the two regimes.
As per the Budget 2023 announcement, no tax will be levied on people with annual income up to ₹7 lakh under the new tax regime, but it did not make any changes for those who continue in the old regime which provided tax exemptions and deductions. does. Investments and expenses like HRA.
Under the new tax regime, no tax will be levied on income up to ₹3 lakh. Income between ₹3-6 lakh will be taxed at 5%; ₹6-9 lakh will be taxed at 10%, ₹9-12 lakh at 15%, ₹12-15 lakh at 20% and ₹15 lakh and above at 30%.
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