THE PLANS TO increase buoyancy in tax collections, widening the tax base and increasing the compliance by taxpayers seem to have been aided by the new income tax (I-T) regime in the current financial year. However, experts feel a few more tweaks in the tax rates in the forthcoming interim Budget could make the exemptionfree regime more attractive.
On Monday, the finance ministry reported that a record 81.8 million income tax returns (ITRs) have been filed for the assessment year (AY) 2023-24 as of December 31, which is 9% more than the corresponding period of last year. Personal income tax (PIT) collections have also seen a robust annual growth of 29.4% in April-November. These were touted as a'milestone' by the I-T department on 'X' on December 29.
In fact, the growth rate in PIT collections is the highest in at least 10 years - barring FY22, which was on a low base, as income tax collections had contracted more than 12% in April-November FY21, the pandemic year. After the new tax regime was sweetened in the Budget for 202324, revenue secretary Sanjay Malhotra estimated that around 50% of the taxpayers would adopt the new regime. The earlier version of the exemption-less regime, launched in 2019-20, didn't get much traction among the taxpayers.
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