About 6 crore ITRs filed for FY24; 70% under new tax regime

Currently, India has two p ersonal income tax regimes. In the old income tax regime, the tax rates are relatively high but taxpayers can claim several exemptions and deductions. However, in the new tax regime, tax rates are lower but fewer deductions. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime.