‘More than 90% of income taxpayers will adopt new tax regime’, CBDT chief said – currently it is stable at 75%

New Delhi| The budget announcement of zero tax on income up to Rs 12 lakh annually and changes in all tax slabs could see more than 90 per cent of individual taxpayers adopt new tax regimes. Right now it’s about 75 percent. Central Board of Direct Taxes (CBDT) Chairman Ravi Aggarwal said, the procedures available to report income in simplified ITR-1 were not very complicated.

Things became quite simple for the common taxpayer – Ravi Aggarwal
He said, there is no deduction or exemption in the new tax system like the old system. Therefore, here the taxpayer can file his own return without the help of any professional. There is always room for improvement to move forward, and this is true in all areas. But all in all, things have largely simplified for the ordinary taxpayer.

Pay taxes and be happy – CBDT Chairman
He said, with the announcements made in the budget regarding income tax payments, more and more taxpayers will be motivated to opt for the new system. The new exemption will not only benefit those who earn Rs 12 lakh per year, but will benefit everyone. Instead of all the hassles or procedures, tax officials now simply signal to the taxpayer to pay taxes and be happy.

Information is collected from many data – Ravi Aggarwal
The CBDT chief said, they are using technology on a large scale which includes the use of AI and exploitation of multiple data electronically. He said, we are getting information from many data sources. We are collecting and making that data available to the taxpayer. Now more and more taxpayers are becoming aware of the diversity of transactions done on their behalf. Comply when they file their returns. Around 90,000 taxpayers claiming false or fraudulent deductions have filed revised returns and paid Rs 1,000 crore in taxes during the last year.