No new changes in income tax system from April 1: Finance Ministry

No new changes in income tax system from April 1: Finance Ministry

[ad_1]

New Delhi. The Finance Ministry on Monday said 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. The Ministry gave this clarification after the information released on social media which claimed some changes in the new tax system effective from April 1.

The ministry said, “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 will be “significantly lower.” ” Are. However, it does not have the benefit of various exemptions and deductions (other than the standard deduction of Rs 50,000 from salary and Rs 15,000 from family pension) like the old system.

“The new tax regime is a ‘default’ tax regime,” the ministry said. 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 the filing of return for the year 2024-25.

Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.



[ad_2]

Source link