Should we have two different Tax Regimes in our country?Members,
Generally, 31st July used to be the last day for filing IT returns. So, this thought came in my mind about the Income Tax. This year, owing to COVID-19 and its effect, the last date for filing IT returns has been extended till 30 November 2020.
In the last budget, the FM has introduced a new tax regime, and also retained the old Tax regime. This year, we will be filing IT returns for AY 2019 - 20 in the old regime only. Next year, we have the option to choose the old or new regime.
Now my question for discussion is - Should we have two different Tax regimes in one country where we are trying to make everything simple like OROP, OIOP, etc.
In fact, two different regimes will confuse the taxpayers and the Income Tax department. Instead of simplifying the system, we are making the system tough. I think the FM should give a second thought to this, and make one easy Tax Regime for all to follow.
What are your views, opinion and comment, please?