About 60 mn ITRs filed for FY24, 70% under new tax regime: Revenue secy

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About 60 mn ITRs filed for FY24, 70% under new tax regime: Revenue secy - Business Standard

Quick Summary:

About 6 crore income tax returns have been filed for income earned in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday.

"About 6 crore filed for last year and 70 per cent is under the new income tax regime.

Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime.