Revenue secretary expects over 50% taxpayers to shift to new tax regime
Betting big on the changes in the new tax regime, revenue secretary Sanjay Malhotra has exuded confidence that more than 50 per cent taxpayers would opt for it. While presenting Union Budget 2023-24, Finance Minister Nirmala Sitharaman tweaked the slabs by announcing that no tax would be levied on annual income of up to Rs.700,000 under the new tax regime. Additionally, standard deduction of Rs.50,000, which was so far available only under old tax regime has been extended to new tax regime for salaried and pensioners including family pensioners. He further stated that taxation should not be the instrument to promote savings.