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Home INDIA

70% of Income Taxpayers Expected to Shift to New Tax Regime

by Ayushi
October 10, 2023
in INDIA
Around 60% of corporate income is already under the low tax rate regime
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The Central Board of Direct Taxes (CBDT) chairman, Nitin Gupta, has revealed that about 70% of personal income taxpayers are anticipated to make the transition to the new tax regime, which has been made more appealing in the FY24 union budget. He also noted that approximately 60% of corporate income is already operating under the low tax rate regime. Tax collections have seen significant growth, with ₹9.57 trillion collected after refunds in the current financial year, as of October 9.

 

Prior to refunds, the tax authority amassed ₹11.07 trillion so far this year, marking an increase of nearly 18% compared to the collections at the same time the previous year. This surge in tax collection can be attributed to various factors, including the utilization of technology and the exchange of information concerning taxpayers’ transactions provided by various entities in the annual information statement. Notably, around 5.3 million new taxpayers have filed their tax returns by July this year.

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Gupta also disclosed that India has collected ₹600 crore this year as tax deducted at source (TDS) from the net winnings issued by online gaming platforms to players. The scope of TDS on net winnings from online games was expanded in the union budget this year. TDS has become an increasingly significant mode of tax collection as the tax authority widens its oversight of economic activities.

 

Regarding individual taxpayers, Gupta mentioned that an estimated 60-70% of them are likely to shift to the new personal income tax regime, which offers several benefits. Even if an individual’s tax is deducted based on the new regime by their employer, they can choose between the old and new regimes when filing their returns.

 

Furthermore, Gupta highlighted that corporations have been taking advantage of the new tax regime introduced for them in 2019, which offers lower tax rates without tax exemptions. He noted that around 60% of corporate profits had already shifted to the new regime in FY23, a reflection of the increased corporate tax collections.

 

Gupta also mentioned that India is collaborating with G20 nations to establish automatic data exchange regarding undisclosed overseas real estate assets held by residents of these countries. Currently, data sharing arrangements primarily focus on financial information. Investigations into numerous cases of undisclosed overseas assets are ongoing, including those uncovered in leaks such as the Panama Papers and Paradise Papers.

 

As of October 9, central government net direct tax collections reached ₹9.57 trillion after refunds, showing a 21.8% increase over the net collections during the same period in the previous year. These collections encompass both corporate and personal income taxes, which account for more than half of the total budget estimates of ₹18.2 trillion for this fiscal year.

 

In the current assessment year ending in March, 72.7 million income tax returns have already been filed, with the majority verified. More than 95% of the verified returns have been processed, according to information from the tax authority.

 

The CBDT provided additional details, stating that gross corporate tax receipts have grown by 7.3% so far this fiscal year, while personal income tax collections (excluding securities transaction tax or STT receipts) have grown by 29.5%. After factoring in refunds, corporate tax collections have seen a 12.39% increase, while personal income tax receipts (excluding STT) have surged by 32.5%. To date, the department has issued ₹1.50 trillion in tax refunds for this year.

Tags: CBDTcorporate income taxfinancial growthfiscal year 2024income taxtax collectionstax regimetaxpayers
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