Business Standard

Union Budget 2024-25: Rise in income tax filings by individuals

The largest source of income for individuals is salaries, but it has grown slowest among income categories

Tax slab, savings

BS Reporter

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CHALLENGES
 
While the number of income-tax returns filed has increased, a number of them report limited income. More than 80 per cent of them reported income of less than Rs 10 lakh
 
The largest source of income for individuals is salaries, but it has grown slowest among income categories 


TAKEAWAYS
 
Announcement of a comprehensive review of the Income-Tax Act, 1961, to be completed in six months. The aim is to reduce disputes and litigation, and provide tax certainty
 
Proposal to increase monetary limits for filing appeals over tax disputes


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First Published: Jul 23 2024 | 11:36 PM IST

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