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New Change To Income Tax Rules, Slabs From 01 April 2024? Finance Ministry Rebuts Claims

New Delhi: The finance ministry has rebutted claims relating to the brand new earnings tax regime that has been unfold on the social media, creating confusions amongst tax payers.

In an explanatory tweet, finance ministry has mentioned, “It has come to note that deceptive info associated to new tax regime is being unfold on some social media platforms”.

The finance ministry has clarified that There isn’t a new change which is coming in from 01.04.2024. The brand new tax regime beneath part 115BAC(1A) was launched within the Finance Act 2023, as in comparison with the prevailing previous regime (with out exemptions).

It added that New tax regime is relevant for individuals apart from corporations and companies, is relevant as a default regime from the Monetary 12 months 2023-24 and the Evaluation 12 months equivalent to that is AY 2024-25. 

The ministry mentioned that new tax regime is the default tax regime, nevertheless, tax payers can select the tax regime (previous or new) that they suppose is helpful to them. 

“Underneath the brand new tax regime, the tax charges are considerably decrease, although the good thing about numerous exemptions and deductions (apart from normal deduction of Rs. 50,000 from wage and Rs. 15,000 from household pension) is just not accessible, as within the previous regime. 

“Possibility for opting out from the brand new tax regime is obtainable until submitting of return for the AY 2024-25. Eligible individuals with none enterprise earnings can have the choice to decide on the regime for every monetary yr. So, they’ll select new tax regime in a single monetary yr and previous tax regime in one other yr and vice versa,” it added.



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