Key Points
The Finance ministry clarified that no there is no new change in the tax regime from April 1, 2024 as the interim budget's income tax proposals come into effect from today (April 1)..
Presenting the interim budget on February 1, 2024, Union Finance minister Nirmala Sitharaman said that there would be no changes to taxation and proposed to retain the same direct and indirect tax rates. ..
Finance ministry said in a post, It has come to notice that misleading information related to new tax regime is being spread on some social media platforms...
-- There is no new change which is coming in from 01.04.2024. . -- The new tax regime under section 115BAC(1A) was introduced in the Finance Act 2023, as compared to the existing old regime (without exemptions) (SEE TABLE BELOW) ..
-- New tax regime is applicable for persons other than companies and firms, is applicable as a default regime from the Financial Year 2023-24 and the Assessment Year corresponding to this is AY 2024-25. . -- 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..
