72% of Taxpayers Opt for New Regime in AY 2024-25

In the Assessment Year (AY) 2023-24, 72% of taxpayers opted for the new income tax regime introduced by the Indian government, which offers lower tax rates without exemptions and deductions. This regime, designed to simplify tax compliance, was chosen by a significant majority, reflecting its growing acceptance. The new system aims to reduce the complexity of tax filings and the burden of maintaining extensive documentation for deductions and exemptions, thus facilitating easier tax compliance for individuals.