New tax regime ‘sweetened’ to benefit maximum number of taxpayers: CBDT Chairman
The Hindu
Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers
The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT Chairman Nitin Gupta said.
Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met."
Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.
"This new regime for individuals was laid down two years ago (Budget of 2020-21) but probably the benefits were not percolating and now the government has re-tweaked the slabs, re-tweaked the number of slabs and rates and the benefit is now clearly visible, be it any taxpayer...," the CBDT Chairman told the news agency.
He said a similar measure taken for the corporate category of taxpayers sometime back has been found to be beneficial for them. He did not say the number of individual taxpayers who opted for the new regime over the last two years.
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"The new regime is really sweetened... the section of taxpayers who will not be benefitting will be a very miniscule section which is taking all sorts of benefits in terms of the interest in house property, the deductions under section VIA among others and only those type of taxpayers could be impacted in terms of they would be better off in the old regime."
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