Finance Ministry Says No Change in I-T Regime, Refutes Messages on Social Media as False
The finance ministry has clarified that there is no new change in the income-tax (I-T) regime that is coming in from 1 April 2024, as is being reported by some social media platforms.
 
"It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that: There is no new change which is coming in from April 1, 2024," the finance ministry said on Sunday in a post on X.
 
The new tax regime under Section 115BAC(1A) was introduced in the Finance Act 2023, 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 financial year (FY) 2023-24 and the assessment year (AY) corresponding to this is AY 2024-25, the finance ministry said.
 
Under the new tax regime, the tax rates are significantly lower, though the benefit of various exemptions and deductions (other than standard deduction of Rs50,000 from salary and Rs15,000 from family pension) is not available, as in the old regime, the finance ministry added.
 
The new tax regime is the default tax regime, however, taxpayers can choose the tax regime (old or new) that they think is beneficial to them.
 
Option for opting out from the new tax regime is available till filing of return for the AY24-25.
 
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.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
Bank of India Receives I-T Notice for Rs1,127 Crore
IANS 01 April 2024
Bank of India has received a demand notice from the Assessment Unit, Income-Tax Department, pertaining to AY16-17 to the tune of Rs1,127.72 crore.
 
The Bank has received a demand notice under section 156 of the Income-Tax...
Net Direct Tax Collections for FY23-24 Grow at Over 19.88% to Rs18.90 Lakh Crore
IANS 26 March 2024
The provisional figures of direct tax collections for FY23-24 as on 17 March 2024, show that net collections were at Rs18,90,259 crore as compared to Rs15,76,776 crore in the corresponding period of the preceding financial year...
How Will Tax Saver FD Calculator Help Make Your Financial Planning Effective and Save Taxes?
Sponsored Post 26 March 2024
As an investor, you are always on the lookout for smart investment options that can help you build wealth and secure your financial future. Fixed Deposits (FD), a popular investment option in India, offer a safe and reliable way to...
I-T Dept Detects Cases of Tax Not Being Fully Paid, Fixes 15th March Deadline To Pay up
IANS 11 March 2024
The income-Tax (I-T) department has identified some persons and entities whose payment of taxes for financial year 2023-24 is not commensurate with the financial transactions made by them during this period, the finance ministry...
Free Helpline
Legal Credit
Feedback