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New Tax regime simplifies liability calculation: CII
The Business Guardian
|August 04, 2024
India’s tax landscape has undergone a transformation with the introduction of the new income tax regime, a key highlight of the Union Budget 2024-25.
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An increasing number of taxpayers have opted for the New Tax Regime this year. Out of the total ITRs of 7.28 crore filed for Assessment Year (AY) 2024-25, 5.27 crore have been filed in the New Tax Regime compared to 2.01 crore ITRs filed in the Old Tax Regime. Thus, about 72 per cent of taxpayers have opted for the New Tax Regime, while 28 per cent continued to be in the Old Tax Regime. The government has placed a strong emphasis on the
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