No new changes in income tax system from April 1: Finance Ministry. Loktej Business News
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New Delhi, 01 April (HS). The Finance Ministry said on Monday that no changes have been made in the new income tax system for the people in the current financial year 2024-25. However, individual taxpayers can opt out of this arrangement while filing their income tax return (ITR).
This clarification in the statement issued by the Finance Ministry on ‘X’ post has come after the information released on the social media platform, in which some changes have been claimed in the new tax system effective from April 1, 2024. The ministry clarified that no new changes have been made from April 1, 2024.
The ministry has said that the new income tax regime is the ‘default’ tax regime. However, taxpayers can choose the income tax regime (old or new) that they feel is beneficial to them. According to the Finance Ministry, the option to opt out of the new tax regime is available till filing of ITR for the financial year 2024-25.
It is noteworthy that a revised new tax system was implemented for the people in the financial year 2023-24 starting from April 1, 2023, under which the tax rates are “very low”. The new tax regime does not have the benefit of various exemptions and other deductions (except the standard deduction of Rs 50,000 from salary and Rs 15,000 from family pension) like the old income tax regime.
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