I'm very happy to see that many people are now tax-conscious. I see a lot of people talking these days about filing their income tax returns. People with income less than the tax slab usually don't file their returns, but today it has become a good practice to see even those people filing nil returns. We still have exactly 15 more days to file our income tax returns. I still have not done mine yet. I usually don't keep it till the last moment, but I might be doing it like that this year.
Source - Gemini
In India, we have the facility to choose between the old tax regime or new tax regime. Many people find the new tax regime very comfortable because they don't have to submit any proof at all, and the tax options are also flat and simple to handle. Some people are still in the old tax regime based on the benefits they have. In my case, I have a home loan going on, so the old tax regime is more beneficial compared to the new tax regime.
But the government is also introducing more perks for the new tax regime, and people are gradually trying to bring everyone into that so that the tax calculation becomes easier both for individuals and the government. There are still a few schemes available in the new tax regime that require proof tracking and benefits. NPS is one such example where the benefit is available in both old and new tax regimes. But I see something here where every year it is getting better.
Last year, when I was submitting my ITR, I noticed a lot of improvements on the government website itself, and it was all self-explanatory, making it easier even for common people. There were many validations introduced so that when the data is entered, it is calculated correctly. The IT department is also integrating with many third parties to gather the data directly from their server instead of being dependent on the individual's data entry. This makes the system even more legitimate.
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