Almost six crore income tax returns have been filed for the fiscal year 2023-24 and 70% of taxpayers switched to the new tax regime that provides a lower tax rate, Revenue Secretary Sanjay Malhotra, informed on Tuesday.
"About six crore filed for last year and 70% is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden," Malhotra said.
Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions if people would make the shift to the simplified tax regime.
He said the review of income tax laws announced in the Budget was aimed at further simplifying the tax system, and the department would soon draft proposals and invite suggestions.
According to the Income Tax Department (ITD), approximately 8.61 crore income tax returns were filed in the fiscal year 2022-23.
The last date for filing income tax returns is July 31.
The All India Federation of Tax Practitioners (AIFTP) has requested the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income-tax returns for the assessment year 2024–25 to August 31 as natural calamities and technical issues have hindered the process in several states.
In a memorandum to the CBDT, AIFTP president, Narayan Jain, and chairperson of the Direct Tax Representation Committee, SM Surana, stated the recent floods in different states have disrupted smooth and normal business operations, leading to delays in the filing process.
This extension to August 31 would bring relief and ensure individuals and businesses had adequate time to complete tax-filing requirements, AIFTP said.
However, the CBDT has not yet responded to this request.
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