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- By Aditya Pratap Singh
- Tue, 30 Jul 2024 06:24 PM (IST)
- Source:JND
ITR Filling 2024: Revenue Secretary Sanjay Malhotra stated on Tuesday that around 6 crore income tax returns had been filed for the income earned in 2023-24, of which 70% were filed under the new simplified tax regime, which provides a lower tax rate. Malhotra addressed the post-budget session of the PHD Chamber of Commerce and Industry and said that there were apprehensions that people would not switch to the simplified tax regime.
Around 6 crore returns were filed last year, and 70% are under the new income tax regime. The entire movement has been toward simplicity with the ultimate aim of reducing compliance burden, Mahrotra said.
8.61 crore ITRs were filed for the fiscal year 2022-23. The idea behind the comprehensive income tax overhaul, as announced in the Budget, is to simplify the tax law. Malhotra said, "We will come up with a draft and then seek suggestions."
India currently has two personal income tax regimes. In the old tax regime, tax rates were relatively higher, but taxpayers could claim various exemptions and deductions. However, in the new tax regime, tax rates are lower, but there are fewer deductions.
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ITR 2024 Deadline
The deadline to file income tax returns for FY 2023-24 is July 31. Taxpayers have only a few days to file their ITR. You all need to keep one thing in mind the government has not shown any sign of extending the deadline, however, people have started asking for it. If a taxpayer fails to file the tax return within the time frame then he will have to file it by paying penalties.
Filling ITR on and before the deadline has many advantages as you can get your return on time and it will balance your financial requirements as well.
