The government expects a “fabulous” response to the changes in the new income tax regime from every section of taxpayers, Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said at an event organised by Assocham.
However, the RSS-affiliate Swadeshi Jagran Manch(SJM) urged the finance minister to tweak the tax regime to promote saving by the middle class, which is an important source of government borrowing and capital formation.
“We have tried to sweeten the scheme as much as possible because it is hassle-free, it does not require taxpayers to include any documentation as well as it is easier for the tax authority to administer the scheme. We expect that the response to the proposed new scheme would be fabulous,” Gupta said.
He said the lower corporate regime with no exemption, which was introduced in 2019, was received well by businesses.