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The move comes as the Modi government aims to widen the tax base by using data of high value transactions to look for tax evaders.
Shankkar Aiyar's The Gated Republic, by Harper Collins, will be released on 20 June on SoftCover, ThePrint’s new e-venue to launch select non-fiction books.
The underlying assumption in the Budget’s economic strategy is that the Indian economy appears to have bottomed out and is expected to pick up in 2020-21.
Taxpayers will have to forego Rs 1.5 lakh savings deduction and Rs 2 lakh interest deduction on home loans, among others, to avail new income tax rates.
The government on Tuesday extended by a month the due date for filing IT returns for the financial year 2018-19.
The sharp increase in tax filers in the lower income slabs can be mainly attributed to government’s decision to start penalising late filers.