r. announced on Tuesday that approximately six crore income tax returns had been filed for the 2023-24 fiscal year, with 70 per cent of these returns submitted under the new simplified tax regime, which offers lower tax rates.
At a post-budget PHD Chamber of Commerce and Industry session, Malhotra addressed concerns about adopting the new tax regime. He stated, “Of the six crore returns filed for last year, 70 per cent were under the new income tax regime. This transition aims to simplify the process and reduce the compliance burden.”
For the fiscal year 2022-23, 8.61 crore income tax returns were filed.
The comprehensive review of income tax laws announced in the Budget aims to simplify the tax system further. “We will draft proposals and then invite suggestions,” Malhotra added.
India currently has two personal income tax regimes: the traditional regime, which offers higher tax rates but allows for various exemptions and deductions, and the new regime, which features lower tax rates with fewer deductions.
Documents required for income tax return filing
Ensure you have these essential documents handy:
Proof of tax-saving investments
Visit the Income Tax e-Filing portal.
Log in using your PAN, Password, and Captcha code.
Navigate to the ‘e-File’ menu and select ‘Income Tax Return’.
Choose the appropriate ITR form based on your income (ITR-1 or ITR-2 if you have Form 16).
Select the Assessment Year (AY) 2023-24.
Validate all entered data in the form and submit.
After submission, e-verify your return using Aadhaar OTP or other available options.
Upload and verify your return.
Meanwhile, the All-India Federation of Tax Practitioners (AIFTP) has asked the Central Board of Direct Taxes (CBDT) to extend the Income Tax return filing deadline by one month, requesting a new deadline of August 31 for the assessment year 2024-25.
