Monday, June 9, 2025
Vertex Public
No Result
View All Result
  • Home
  • Business
  • Entertainment
  • Finance
  • Sports
  • Technology
  • Home
  • Business
  • Entertainment
  • Finance
  • Sports
  • Technology
No Result
View All Result
Morning News
No Result
View All Result
Home Business

Outdated tax regime to remain, however why would anybody need it now: CBDT chairman

News Team by News Team
February 2, 2025
in Business
0
Outdated tax regime to remain, however why would anybody need it now: CBDT chairman
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


New Delhi: The proposed new earnings tax legislation can be “user-friendly” and simple to grasp, with out redundant provisions of the six-decade previous Act, stated Central Board of Direct Taxes (CBDT) chairman Ravi Agrawal. In an interview to ET on Sunday, a day after finance minister Nirmala Sitharaman introduced the brand new laws in her price range speech, he additionally stated that the proposed crypto asset reporting provision had been launched to put the groundwork consistent with India’s dedication at worldwide fora.

He stated the previous tax regime would proceed however the focus could be to nudge taxpayers in the direction of the new tax regime, which affords vital concessions with the brand new adjustments proposed within the price range.

“We might have an interest to know who would need to stay within the previous regime and why? About 74% folks have already opted for the brand new regime and with these tax slabs, why would a taxpayer need to be within the previous engine?” Agrawal stated, mentioning that the selection, nonetheless, could be accessible.

The finance minister on Saturday provided vital reduction to the center class, asserting that people incomes as much as ₹12 lakh per yr won’t must pay any taxes, elevating the exemption threshold from ₹7 lakh at current. She additionally introduced a rejig in tax slabs.


On the income influence of the concessions in private earnings tax, the CBDT chairman stated the projected income development had been saved at 12.36%, decrease than 15% within the present monetary yr, preserving in view the adjustments proposed within the tax slabs, however exuded confidence about assembly the goal with higher governance and administrative framework.The cornerstone of the federal government’s strategy is “belief first”, he stated, including that in view of this the interval to amend returns is proposed to be doubled to 4 years.”That is a part of non-intrusive tax administration. There isn’t a scrutiny that’s occurring. You get the knowledge, I flag the knowledge to you and also you say, let me pay the tax and end it off,” Agrawal stated.

It’s in the identical spirit, he stated, that the federal government is constructing on the idea of protected harbour for various segments. Requested about considerations over the excessive charges beneath protected harbour, he stated, “We’ll take into account these as and when the problems are flagged.”

On the brand new tax legislation
“The concept was to take a holistic view of the provisions after which write the brand new legislation in a language that’s easy,” Agrawal stated. He made it clear that tax remedy of incomes wouldn’t endure a change within the proposed legislation however there could be some adjustments sooner or later as soon as guidelines are amended consistent with new provisions and sections within the new legislation.

“Mainly, the current schema of the Act, by and huge, that might stay.”

He stated the apex direct taxes physique had regarded on the world finest practices together with within the UK and Australia as a part of the train, apart from in search of suggestions from folks.

The present legislation, he stated, had change into a kind of patchwork with redundancies and complexities creeping with a number of amendments over the previous years.

Sitharaman stated her price range speech that the brand new legislation could be launched in Parliament this week.

Crypto belongings reporting
Agrawal stated the measure had been launched as India has a global dedication to report from 2027 when automated trade of knowledge would start. “For that framework to have the ability to truly begin trade two years down, you must have that floor work in place,” he stated, including that guidelines and reporting companies could be notified later.

READ ALSO

CyberArk greater after elevating $1.1b convertible bond

SEBI corrects ‘board notice’ to ‘engagement notice’ in IndusInd insider buying and selling order


New Delhi: The proposed new earnings tax legislation can be “user-friendly” and simple to grasp, with out redundant provisions of the six-decade previous Act, stated Central Board of Direct Taxes (CBDT) chairman Ravi Agrawal. In an interview to ET on Sunday, a day after finance minister Nirmala Sitharaman introduced the brand new laws in her price range speech, he additionally stated that the proposed crypto asset reporting provision had been launched to put the groundwork consistent with India’s dedication at worldwide fora.

He stated the previous tax regime would proceed however the focus could be to nudge taxpayers in the direction of the new tax regime, which affords vital concessions with the brand new adjustments proposed within the price range.

“We might have an interest to know who would need to stay within the previous regime and why? About 74% folks have already opted for the brand new regime and with these tax slabs, why would a taxpayer need to be within the previous engine?” Agrawal stated, mentioning that the selection, nonetheless, could be accessible.

The finance minister on Saturday provided vital reduction to the center class, asserting that people incomes as much as ₹12 lakh per yr won’t must pay any taxes, elevating the exemption threshold from ₹7 lakh at current. She additionally introduced a rejig in tax slabs.


On the income influence of the concessions in private earnings tax, the CBDT chairman stated the projected income development had been saved at 12.36%, decrease than 15% within the present monetary yr, preserving in view the adjustments proposed within the tax slabs, however exuded confidence about assembly the goal with higher governance and administrative framework.The cornerstone of the federal government’s strategy is “belief first”, he stated, including that in view of this the interval to amend returns is proposed to be doubled to 4 years.”That is a part of non-intrusive tax administration. There isn’t a scrutiny that’s occurring. You get the knowledge, I flag the knowledge to you and also you say, let me pay the tax and end it off,” Agrawal stated.

It’s in the identical spirit, he stated, that the federal government is constructing on the idea of protected harbour for various segments. Requested about considerations over the excessive charges beneath protected harbour, he stated, “We’ll take into account these as and when the problems are flagged.”

On the brand new tax legislation
“The concept was to take a holistic view of the provisions after which write the brand new legislation in a language that’s easy,” Agrawal stated. He made it clear that tax remedy of incomes wouldn’t endure a change within the proposed legislation however there could be some adjustments sooner or later as soon as guidelines are amended consistent with new provisions and sections within the new legislation.

“Mainly, the current schema of the Act, by and huge, that might stay.”

He stated the apex direct taxes physique had regarded on the world finest practices together with within the UK and Australia as a part of the train, apart from in search of suggestions from folks.

The present legislation, he stated, had change into a kind of patchwork with redundancies and complexities creeping with a number of amendments over the previous years.

Sitharaman stated her price range speech that the brand new legislation could be launched in Parliament this week.

Crypto belongings reporting
Agrawal stated the measure had been launched as India has a global dedication to report from 2027 when automated trade of knowledge would start. “For that framework to have the ability to truly begin trade two years down, you must have that floor work in place,” he stated, including that guidelines and reporting companies could be notified later.

Tags: CBDTchairmanregimestaytax

Related Posts

Business

CyberArk greater after elevating $1.1b convertible bond

June 9, 2025
SEBI corrects ‘board notice’ to ‘engagement notice’ in IndusInd insider buying and selling order
Business

SEBI corrects ‘board notice’ to ‘engagement notice’ in IndusInd insider buying and selling order

June 8, 2025
I simply financed a automotive for $15,000 at 14.89% APR — however then obtained a name saying my price is now 15%. What do I do?
Business

I simply financed a automotive for $15,000 at 14.89% APR — however then obtained a name saying my price is now 15%. What do I do?

June 8, 2025
Bajaj Finance fixes June 16 as report date for 1:2 inventory cut up, 4:1 bonus fairness share
Business

Bajaj Finance fixes June 16 as report date for 1:2 inventory cut up, 4:1 bonus fairness share

June 8, 2025
Gallery: Music Enterprise Worldwide x Luminate’s Music Leaders’ Dinner at SXSW London
Business

Gallery: Music Enterprise Worldwide x Luminate’s Music Leaders’ Dinner at SXSW London

June 7, 2025
How Gaza’s meals queues become kill zones
Business

How Gaza’s meals queues become kill zones

June 7, 2025
Next Post
Australia v Japan announcement, Wallabies internationals 2025, Eddie Jones reunion

Australia v Japan announcement, Wallabies internationals 2025, Eddie Jones reunion

POPULAR NEWS

Here is why you should not use DeepSeek AI

Here is why you should not use DeepSeek AI

January 29, 2025
From the Oasis ‘dynamic pricing’ controversy to Spotify’s Eminem lawsuit victory… it’s MBW’s Weekly Spherical-Up

From the Oasis ‘dynamic pricing’ controversy to Spotify’s Eminem lawsuit victory… it’s MBW’s Weekly Spherical-Up

September 7, 2024
PETAKA GUNUNG GEDE 2025 horror movie MOVIES and MANIA

PETAKA GUNUNG GEDE 2025 horror movie MOVIES and MANIA

January 31, 2025
Mattel apologizes after ‘Depraved’ doll packing containers mistakenly hyperlink to porn web site – Nationwide

Mattel apologizes after ‘Depraved’ doll packing containers mistakenly hyperlink to porn web site – Nationwide

November 11, 2024
2024 2025 2026 Medicare Half B IRMAA Premium MAGI Brackets

2024 2025 2026 Medicare Half B IRMAA Premium MAGI Brackets

September 16, 2024
Business

CyberArk greater after elevating $1.1b convertible bond

June 9, 2025
Cummins fires warning to Proteas forward of WTC closing
Sports

Cummins fires warning to Proteas forward of WTC closing

June 8, 2025
Jim Parsons Thinks Iain Armitage’s Younger Sheldon Audition Was Exhausting For A Good Cause
Entertainment

Jim Parsons Thinks Iain Armitage’s Younger Sheldon Audition Was Exhausting For A Good Cause

June 8, 2025
SEBI corrects ‘board notice’ to ‘engagement notice’ in IndusInd insider buying and selling order
Business

SEBI corrects ‘board notice’ to ‘engagement notice’ in IndusInd insider buying and selling order

June 8, 2025
How A lot You Actually Want and How one can Save It
Finance

How A lot You Actually Want and How one can Save It

June 8, 2025
Anthropic releases customized AI chatbot for labeled spy work
Technology

Anthropic releases customized AI chatbot for labeled spy work

June 8, 2025
Vertex Public

© 2025 Vertex Public LLC.

Navigate Site

  • About Us
  • Privacy Policy
  • Disclaimer
  • Contact Us

Follow Us

No Result
View All Result
  • Home
  • Business
  • Entertainment
  • Finance
  • Sports
  • Technology

© 2025 Vertex Public LLC.