Finance Ministry told the truth related to tax regime

income tax: The financial year 2024-25 is starting from today. People will also start filing their income tax returns from April 1. Earlier, the Indian Finance Ministry has made a big disclosure regarding the lies being spread on social media. The Ministry has written on the social media platform X that there is no change in the new income tax system for the people in the current financial year 2024-25. Individual taxpayers can opt out of this arrangement while filing their ITR. Let us tell you that earlier a message was going viral on social media in which some changes were claimed in the new tax system effective from April 1.

What has the Finance Ministry said?

The Finance Ministry has said that no new changes have been made from April 1, 2024. A revised new income tax system was implemented for the people in the financial year starting from April 1, 2023, under which the tax rates are ‘much lower’. However, it does not have the benefit of various exemptions and deductions (except the standard deduction of Rs 50,000 from salary and Rs 15,000 from family pension) like the old system. The ministry said that the new tax system is the ‘default’ tax system. However, taxpayers can choose the tax regime (old or new) that they feel is beneficial to them. The option to opt out of the new tax regime is available till filing of return for the year 2024-25.

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 01.04.2024.

👉 The new tax regime under section 115BAC(1A) was… pic.twitter.com/DtKGkK0D5H

— Ministry of Finance (@FinMinIndia) March 31, 2024

Also Read: Common people got big relief on the first day of April, LPG price reduced by Rs 30

Lies spread on these things

The Finance Ministry of the Government of India said on its social media post that under the new tax regime, the tax rates are significantly lower, although various exemptions and deductions (apart from the standard deduction of Rs 50,000 from salary and Rs 15,000 from family pension) remain the same as in the old regime. ) benefit is not available. The option to opt out of the new tax regime is available till filing of return for assessment year 2024-25. Eligible individuals without any business income will have the option to opt for the arrangement for each financial year. Therefore, they can choose the new tax regime in one financial year and the old tax regime in the next and vice versa.

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