No New Change In Income Tax Regime: Finance Ministry
Delhi/Hyderabad, April 1 (Maxim News): The Finance Ministry has clarified that there is no new change in the income tax regime that is coming in from today, April 1, 2024, the Finance Ministry said on Sunday in a post on X.
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The new tax regime under Section 115BAC(IA) was introduced in the Finance Act 2023, as compared to the existing old regime without exemptions.
The new tax regime is applicable for persons other than companies and firms, as a default regime from the Finance year 2023-24 and the Assessment Year corresponding to this is AY 2024-25, the Finance Ministry said.
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Under the new tax regime, the tax rates are significantly lower, though the benefit of various exemptions and deductions (other than standard deduction of Rs. 50,000 from salary and Rs. 15,000 from family pension) is not available, as in the old regime, the Finance Ministry added.
Eligible persons without any business income will have the option to choose the regime for each financial year. Therefore, they can choose the new tax regime in one financial year and the old tax regime in another year and vice-versa, the Finance Ministry said in a statement. (Maxim News)
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