00:00The finance minister recently said that 65% of the taxpayers have adopted the new tax regime.
00:10That is, 2 out of 3 taxpayers file their income tax return under the new tax regime.
00:16And this data has changed in the last year.
00:20And as you said, the old tax regime has somehow become a stepchild.
00:25So, sir, if I ask you directly, is the government's aim that when everyone adopts the new tax regime, the old tax regime will be abolished?
00:35Yes, absolutely.
00:36See, they can't abolish it completely.
00:38That's why they can't do it, Bhavna.
00:40Let me tell you the reason.
00:41Because under Section 80C, you get insurance premium, NSC, PPF, a lot of relief.
00:49And there is a housing loan in Section 24.
00:53So, people have taken housing loans of 15-20 years from the tax point of view.
00:58Someone has taken an insurance policy of 15-20 years.
01:01They give a premium every year that we get rebate in 80C.
01:05So, I think that's why it wasn't abolished suddenly.
01:08Otherwise, it should have been abolished after the new regime came in the first and second year.
01:12But I thought that if they abolish it, then the people who have committed to long-term investment will be stuck in the middle.
01:21But gradually, as the new regime becomes attractive, the old regime will not be beneficial to you even after taking these deductions.
01:30That's why I think that the new regime will be made more attractive.
01:35And one more thing that is necessary to add in this, with your permission, Bhavna,
01:40is that the new tax bill is being discussed.
01:44Bhavna, pay attention.
01:46Last time, when the budget came in July, the interim budget,
01:50they said that we want to simplify it.
01:53We want to make it easy.
01:55We want to make it transparent.
01:57We want to make it easy to read.
02:00I think we can hear some announcements in that.
02:03That the tax system should be brought and changed gradually.
02:09I can see the beginning of that.
02:12So, the new regime will also become attractive.
02:14And a new look.
02:16I am not saying that a new income tax law should be introduced.
02:18Because our income tax law, Bhavna, is now a senior citizen.
02:21It was introduced in 1961.
02:23And it is 64 years old.
02:25So, I think a new, young enthusiasm needs to be filled in this.
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