He stated that the old tax system would continue, but said that the focus was to fine -tune the taxpayer for a new tax system. This provides new changes and important concessions proposed by the budget.
“We want to know who wants to stay in the old administration. Why? Approximately 74 % of people have already chose a new administration and use these tax slabs and taxpayers. Why do you want to be an old engine? “
The Minister of Finance on Saturday has offered a significant rescue to the middle class, and those who earn up to 120,000 rupees a year do not need to pay taxes, and that the current exemption value will be raised from 7 pounds. She also announced Rejig on the tax slab.
Regarding the impact of concessions in individual income tax, CBDT chairman has been maintained in the current fiscal year’s current fiscal year, which is expected to be 12.36 %, less than 15 %. He said he was, but he said he was oozing. He stated that the basics of the government approach were “first trust”, and added that the revision period was doubled to four years. Part of non -infringement tax management.
The government said in the same spirit that it was based on the concept of a safe port for various segments. Asked about concerns about high rates under the safe harbor, “they will consider them when the problem is flagged.”
About the new tax law
“The idea was to write a new law in a simple language, with the overall view of the rules,” Agrawar said. He has revealed that the tax system will not be changed to the proposed law, but some changes will be made in the future when the rules are revised according to the new regulations and sections of the new law. there is.
“Basically, the current schema of the current law will remain.”
He said that APEX DIRECT TAXES BODY has seen world -class best practices, including the UK and Australia, as part of the movement, in addition to seeking feedback from people.
According to him, he said that the current law was a kind of patchwork with multiple revisions over the past few years with redundancy and complexity.
Citaraman stated a budget speech that a new law will be introduced this week.
Report of encrypted assets
Agrawal said that it has introduced this measure because it has an international commitment to report in 2027, when information is started automatically. “In order for the framework to actually start exchanging two years later, the basic work must be implemented,” he said, “the rules and reporting institutions will be notified later.
