PERHAPS, THE BIGGEST takeaway from the Budget was the slew of changes made in terms of tax rates and excise duties. Sanjay Kumar Agarwal, Chairman of the Central Board of Indirect Taxes & Customs, and Ravi Agarwal, Chairman of the Central Board of Direct Taxes, explain. Edited excerpts:
Does the Budget announcement on tax cut signal a silent burial of the old tax regime and when will it be formally announced?
Ravi Agarwal: As on date, both the tax regimes stand and the option is with the taxpayer, whichever the person feels is beneficial, the person can opt for. Of course, we have given benefits in the new tax regime because, ultimately, we want the tax regime to be simple. In the old tax regime, there are certain deductions and exemptions, which are open to interpretation, which make calculation difficult. A straight computation of income tax is available in the new tax regime with reduced rates. Taken together, this has become acceptable to the people, and that is reflected in the fact that about 74% of taxpayers have already opted for the new tax regime. I am sure that with this change in tax rates more people would be prompted to shift to the new regime.
What level of adoption do you expect after the change?
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