The last date for filing income tax returns is July 31. Earlier, about six crore income tax returns have been filed for the income earned in the financial year 2023-24. Revenue Secretary Sanjay Malhotra gave this information on Tuesday. According to the news of Bhasha, Malhotra also told that 70 percent of the total ITR filings filed so far have been done under the new tax system.
The new tax system got full support
According to the news, Revenue Secretary Sanjay Malhotra, while addressing a post-budget session of the PHD Chamber of Commerce and Industry, said that there were apprehensions about whether people would adopt the simplified new tax system or not. Malhotra said that about six crore returns were filed for the last financial year, of which 70 percent have been filed under the new income tax system. This entire step has been taken in the direction of simplification, the ultimate aim of which is to reduce the tax compliance burden.
What is the difference between the two tax systems
According to the Revenue Secretary, earlier 8.61 crore Income Tax Returns (ITRs) were filed for the financial year 2022-23. He said that the idea behind the comprehensive income tax review announced in the budget is to simplify the tax law. Malhotra said that we will prepare a draft and then seek suggestions.
India currently has two systems of personal income tax. In the old income tax system, the tax rates are relatively high, but the taxpayer has the option to claim a number of exemptions and deductions. In the new tax system, the tax rates are low, but there is no option to claim exemptions or deductions.
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