CBTD Chairman Listed The Benefits of the New Income Tax Act by Saying Now Life will be simple for taxpayers

New income tax act: Central Board of Direct Taxes (CBDT) chairman Ravi Aggarwal said that he is confident that direct tax will give strength to the revenue, which will make it easier for the tax department to meet the annual target. Let’s see some excerpts from his conversation with the Times of India-

After all, it is clear from the announcement in the budget that now CBDT is being noted. How do you see it? In response, Ravi Aggarwal said, it is a matter of great satisfaction that this time the budget has been taken with such positiveness. Taxpayers are also happy with this and if the taxpayers are happy then we are happy.

What will be the effect of uncertainty and recession in the economy?

The total benefit is up to about 1 lakh rupees and this year the target of the budget is 22.37 lakh crore rupees. This is 5 percent of total tax because the number of taxpayers is more. Finally, the economy will have an impact of saving one lakh crore rupees. Businesses will develop. If everything is correct, then the economy will also move rapidly.

Once the economy progresses, it will have a great impact on tax revenue. Taxes will be received from companies, from income in business or through salary because if the companies move forward, then the salary will also be more. This time due to relief of Rs 1 lakh crore, we are moving at the rate of 15 percent and the target kept in the budget is 12.46 percent. That is, there is a margin of 2-2.5 percent. We have taken care of this. To achieve our goal, we have to talk to taxpayers and trust them.

The announcement made in the budget will benefit 1 crore taxpayers. What will be their total number?

It has two components. One, for this benefit, taxpayers will have to file returns and then if they want to get refund, they will get it. Therefore, the number of returns will be roughly as much as it was. It is about 9 crores.

Earlier, those with 7 lakh or less income were exempted, while now income up to 12 lakhs is tax free. You can say that one and a half crore taxpayers coming in income bracket of Rs 7 lakh to Rs 12 lakh will not have to be paid anything. While the actual number of taxpayers will be around 3 crore.

The tax department has been focused on simplification and a new bill will be introduced to improve the Income Tax Act. What changes will happen?

Now the language will become easier, its presentation will be easier. In the 1961 Act, some pronunciation or sentences are beyond the understanding of users because they are not easy. Due to this, it becomes difficult to understand its provisions. This causes confusion, taxpayers do not understand things well, so they also miss compliance with the rules. Due to this, legal action has to be taken. Keeping this in mind, it is our endeavor to re -write some sections in simple English language so that people are easy to understand. This will also make it easier to know the system and legal action will also be reduced to a great extent. This has also reduced the size of the documents.

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