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As on : 03-Feb-2025

Economy - Reports
03-Feb-2025 10:20

90% or more taxpayers may shift to new regime with new slabs announced in Budget: CBDT Chairman

The Budget announcement of zero tax for earnings upto Rs 12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said on Sunday. Agrawal said the government's and the Income-Tax Department's philosophy and approach is to ensure a non-intrusive tax administration in the country through an enhanced usage of Artificial (AI) apart from the regular human intelligence gathering mechanism. The CBDT chief said the tax processes available to a common taxpayer for reporting their income were not very complex giving examples of the simplified ITR-1, pre-filled Income Tax Returns, automatic computation of Tax Deducted at Source (TDS) etc. available to them.

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