The new personal income tax regime needs stability as it was modified last year, whose impact will be known in the tax return filings in July this year, Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said in an interview on Friday, explaining why tax regimes need not be changed every year.
"The direction of the tax regime is towards one that is free of exemptions and deductions. So (offering) any more deductions or exemptions will not be aligned to that intent. A standard deduction (of ₹50,000) is already granted under the new personal income tax regime. Last year, the extent of rebate has also been increased under the new personal tax regime. Now, let us wait. When individuals file their tax returns in July, we will know how many are in the new tax regime, which is the default option, and how many opt to switch to the old regime," Gupta said in the post-budget interview.
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