Old tax regime to stay, but why would anyone want it now: CBDT chairman
income tax law will be «user-friendly» and easy to comprehend, without redundant provisions of the six-decade old Act, said Central Board of Direct Taxes (CBDT) chairman Ravi Agrawal.
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In an interview to ET on Sunday, a day after finance minister Nirmala Sitharaman announced the new legislation in her budget speech, he also said that the proposed crypto asset reporting provision had been introduced to lay the groundwork in line with India's commitment at international fora.
He said the old tax regime would continue but the focus would be to nudge taxpayers towards the new tax regime, which offers significant concessions with the new changes proposed in the budget.
«We would be interested to know who would want to remain in the old regime and why? About 74% people have already opted for the new regime and with these tax slabs, why would a taxpayer want to be in the old engine?» Agrawal said, pointing out that the choice, however, would be available.
The finance minister on Saturday offered significant relief to the middle class, announcing that individuals earning up to ₹12 lakh per year will not have to pay any taxes, raising the exemption threshold from ₹7 lakh at present. She also announced a rejig in tax slabs.
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