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

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