New Delhi:
The Central Board of Direct Taxes (CBDT) chairman Ravi Aggarwal has said that more than 90% of taxpayers can adopt New Tax Regime after the mare of change in tax slabs in the budget. Right now this figure is close to 75%. He said that there is no tax on income up to Rs 12 lakh (12 lakh income tax-free and tax slab) After the budget announcement of Income Tax Slabs Revised, more people will adopt new tax system.
Emphasis on making tax system easier
Ravi Aggarwal said that the government and the Income Tax Department are trying to have the least problem for taxpayers and the tax system should be more simple and digital. Artificial Intelligence (AI) and data analysis are being used for this, so that it is easy to pay tax filing.
Ravi Aggarwal said that the tax system will be further improved even further. However, he also said that things have already been made much easier for common taxpayers.
Big relief for taxpayers in the budget
Finance Minister Nirmala Sitharaman announced in the budget (Budget 2025) that the new tax system (New tax regime) There will be no tax on income up to Rs 12 lakh. Right now this limit was 7 lakh rupees. Also, standard deduction of Rs 75,000 will also be given.
Apart from this, the tax slab of annual income of up to Rs 25 lakh has also been changed, which will save them up to Rs 1.1 lakh every year.
The number of people adopting new tax regime will increase, economy will also have positive effects
At present, 74-75% taxpayers have adopted the new tax system, but according to the CBDT chairman, the figure may be more than 90% next year. He said that the announcements made in this budget will give great relief to the middle class and it will benefit all the taxpayers. Aggarwal said that these decisions will also benefit the country’s economy. When people save more money, they will spend more, which will grow market and business and the economy will directly benefit from it.
Use of new technology to increase tax collection
The CBDT chairman said that the government is using AI, data analysis and digital system more to increase tax base. This will prevent fake tax deduction and wrong tax claim.
In the budget, the new tax regime has been made more attractive, so that more than 90% taxpayers can adopt it. The government aims to make the tax system easier and taxpayers have to face less problems. This will also strengthen the economy and will also increase the tax collection of the government.