Introduction of New Income Tax Regime: Over the past four years, India has undertaken reforms in its personal income tax structure to achieve two key goals: broaden the tax base and simplify tax compliance for taxpayers. These reforms involve the implementation of a new income tax rebate scheme, adjustments to exemption and deduction policies, and the introduction of wider slab rates.
Increase in Zero-Tax Filers: The number of income tax filers has risen from 6.47 crore in 2019-20 to 7.40 crore in 2022-23. Simultaneously, the proportion of zero-tax filers has notably increased, surging from constit...
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