Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said that the new income tax regime for filing returns has been made more attractive in the Budget 2023-24 (Budget 2023-24) and its benefits are mostly due to the tax rate cut and taxpayers will be able to get more benefit.
Talking to ‘PTI-Bhasha’ about the budget, Gupta said that the government’s objective behind announcing new slabs and rates in the new tax regime is to “gradually eliminate tax exemptions and concessions of taxpayers and institutions”. The long-standing demand has to be fulfilled.
Presenting the budget for 2023-24 in Parliament on Wednesday, Finance Minister Nirmala Sitharaman said that the government has made the new tax regime more attractive for taxpayers with changes in the structure of the new tax regime for the benefit of the middle class.
The CBDT chief said, “This new system for taxpayers has introduced two years ago (in the 2020-21 budget), but perhaps its benefits were not reaching the people.” Now the government has again changed the slabs, again changed the number of slabs and rates, which clearly shows its benefits for every taxpayer.
He said that some time ago some similar decisions were taken for corporate taxpayers which proved beneficial for them. He said that the new system has been made really attractive and there will be a very small section which will not get its benefit.
This new system is beneficial to everyone except them. However, Gupta did not specify the number of taxpayers who have migrated to the new tax regime in the last two years.
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