This story is from February 04, 2024
Pay taxes on time to make India 3rd largest eco in world: I-T official
Budget 2024 income tax: New vs old tax regime - how FM Sitharaman can make simplified tax regime more appealing for taxpayers
The new tax regime simplifies tax compliances and provides relief to individual taxpayers. The 2023 Budget increased the income tax rebate threshold, lowered the number of tax slabs, and introduced new deductions. Taxpayers with higher deductions prefer the regular regime, while high-income taxpayers prefer the new regime. The simplified regime is expected to be chosen by 40% of taxpayers.
Budget 2024 income tax: Progressive taxation and redistribution policy recommendations
The Government of India is set to present an interim budget on 01 February 2024, with possible tax amendments including an inheritance tax. The aim is to bridge income gaps and fund social welfare schemes. Previous amendments have targeted high net worth individuals by taxing their income and contributions to retirement funds.
Budget 2024 income tax: Some relief for taxpayers; outstanding personal tax demands up to Rs 25,000 withdrawn; details here
The Income-tax department has introduced the Demand Facilitation Centre (DFC) to expedite the resolution of pending Section 245 income tax notice cases. The DFC offers free assistance to eligible individuals, reducing the burden on taxpayers and promoting compliance and economic growth.
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