Old Tax Regime: CBDT Chairman said that till July this year, about 53 lakh new taxpayers have filed tax returns. He said that this year Rs 600 crore was collected as TDS on the basis of tax imposed on online gaming platforms.
New Tax Regime: Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said that about 70% of taxpayers are expected to shift to the new tax regime. An announcement regarding the new tax regime was made in the Union Budget for the financial year 2024. He said that about 60% of corporate income already comes under the low tax regime. Gupta said that in the current financial year, after refunds, the direct tax collection till October 9 was Rs 9.57 trillion. This was 21.8% more than the net collection from the year-ago period.
53 lakh new taxpayers filed returns
So far, Rs 11.07 trillion has been collected by the tax authority before refund. Which is about 18% more than the money collected a year ago. He said that till July this year, about 53 lakh new taxpayers have filed tax returns. He said that this year Rs 600 crore was collected as TDS on the basis of tax imposed on online gaming platforms.
60-70% taxpayers will be transferred to the new tax regime.
Gupta said that about 60-70% personal taxpayers will be transferred to the new tax regime. This is beneficial for them. He said that even if someone’s tax is deducted by the employer as per the new tax regime. But the taxpayer can select either the old and new tax regime while filing the return. The chairman said that corporations are making use of the new tax regime introduced in 2019 to get lower tax rates and no tax exemptions.
Gupta said India is working with G20 countries for automatic exchange of data on undeclared foreign real estate assets. The current system focuses more on sharing financial data. When asked about departmental action after the Panama Papers and Paradise Papers leaks, the CBDT Chairman said that investigation into many cases of undeclared foreign assets is going on at a fast pace.
