New Tax Regime Update: There are more than 8.23 crore taxpayers in the country, out of which about 80 percent are taxpayers whose annual income is Rs 7 lakh.
New Tax Regime: Finance Minister Nirmala Sitharaman gave a big relief to taxpayers by making major changes in the tax slab of the new income tax regime in her budget. Those taxpayers whose annual income is up to Rs 7 lakh will not have to pay any tax. Due to this announcement by the Finance Minister, a large number of taxpayers will not have to pay tax under the new tax regime. They will come out of the purview of paying tax. According to an estimate, there are 6.85 crore taxpayers whose annual income is Rs 7 lakh, who can get the benefit of the Finance Minister’s announcement.
Income of 92 percent taxpayers is less than 10 lakhs
The question arises that under the new tax regime, no tax will have to be paid on income up to Rs 7 lakh, so how many taxpayers are there in the country who will get the benefit of this announcement. In 2020, the government had released a data regarding the number of taxpayers in the country and their income. According to this data, there are 57 percent taxpayers in the country whose annual income is less than Rs 2.5 lakh. There are 18 percent taxpayers whose annual income is between Rs 2.50 to 5 lakh. There are 17 percent taxpayers whose annual income is Rs 5 to 10 lakh. There are 7 percent taxpayers whose annual income is Rs 10 to 50 lakh and one percent are taxpayers whose annual income is more than Rs 50 lakh.
Income of 6.85 crore taxpayers is less than Rs 7 lakh!
In the Rajya Sabha in 2022, the Finance Minister had told that according to the assessment year 2020-21, the total number of taxpayers in the country is 8,22,83,407. There are 75 percent taxpayers whose annual income is less than Rs 5 lakh. According to this figure, there are 6.17 crore taxpayers in the country whose annual income is less than Rs 5 lakh. There are 92 percent people whose annual income is less than Rs 10 lakh. If you look at the figures, according to an estimate, there are 6.85 crore taxpayers whose annual income is close to Rs 7 lakh.
Will not get the benefit of deduction
However, the taxpayer whose annual income is close to Rs 7 lakh, his income will continue to increase in future. There will be many taxpayers who will invest to save tax and also take a home loan. In such a situation, it will not be easy for taxpayers to choose a new tax regime. Because the benefit of deduction is not available in the new tax regime.
Only 5 percent people liked the new tax regime!
According to an estimate, out of the total taxpayers who filed income tax returns in the 2021-22 financial year and 2022-23 assessment year, less than 5 percent of the taxpayers filed ITR by choosing the new tax regime. Only after that there was talk of making the new tax regime attractive, so that more and more taxpayers could opt for the new tax regime.
