'Among corporates, about 60% of income is now reported under the new tax regime.'
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. Agrawal also highlighted the government's focus on "non-intrusive" tax administration through enhanced use of Artificial Intelligence (AI) and simplified tax processes for common taxpayers. He emphasized the benefits of the new tax regime (NTR), which offers simple calculations and allows taxpayers to file their ITR without professional help. The CBDT chief stated that the Budget provisions related to income tax payment benefit all income earners, not just those earning Rs 12 lakh per annum, creating a positive sentiment in the economy and propelling growth. The department is also harnessing technology, including AI and data analytics, to widen and deepen the tax base, resulting in increased compliance and tax revenue. Agrawal further highlighted the positive impact of data availability and simplified tax processes on compliance rates, citing examples of taxpayers filing revised returns and paying taxes after being prompted by the department's data analysis.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
'Going forward, the encouragement would be to move to the new tax regime.'
The BJP's defeat in Delhi could turn into a larger national swing, but Prime Minister Modi and his party have enough time to tweak the party's policy agenda and project a more humble, secular, and inclusive image, say Ravi Agrawal and Harmeet Shah Singh
Prime Minister Narendra Modi's real test will be whether he can bring a longer-term vision to India's foreign policy planning, says Ravi Agrawal.
It would be a chance lost if India cannot learn from and lean more on China to kick-start trade, infrastructure programmes, and increased ties, says Ravi Agrawal
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