The finance ministry announced on Monday that there have been no alterations to the new income tax structure for individuals in the current fiscal year, affirming that individual taxpayers retain the option to exit the regime when filing their Income Tax Returns (ITR).
Also read:ChatGPT:बिना अकाउंट के कर पाएंगे इस्तेमाल , नहीं शेयर करनी होगी पर्सनल जानकारी
Responding to social media claims regarding purported adjustments to the tax framework effective April 1, the ministry emphasized, “There is no new change which is coming in from 01.04.2024.” Notably, a revised version of the income tax regime was introduced at the commencement of the financial year starting April 1, 2023, featuring considerably reduced tax rates for individuals.
Tax Regime Flexibility: Options and Exemptions for Taxpayers
New tax regime is the default tax regime. However, tax payers can choose the tax regime (old or new) that they think is beneficial to them… Option for opting out from the new tax regime is available till filing of return for the AY 2024-25,” the ministry said. Under the new I-T regime, income of up to Rs 3 lakh is exempt from tax. A 5 per cent tax is levied on income between Rs 3-6 lakh, 10 per cent for income between Rs 6-9 lakh.
Also read:बॉलीवुड में रहस्यमय फोटो, श्रीदेवी के साथ एक अनसुना राज
Eligible persons without any business income will have the option to choose the regime for each financial year.So, they can choose new tax regime in one financial year and old tax regime in another year and vice-versa, the ministry said in a statement.
The old tax regime which is still in force and offers a host of deductions and exemptions, exempts income up to Rs 2.5 lakh from taxes.Income from Rs 2.5-5 lakh attracts 5 per cent tax, and 20 per cent for income between Rs 5 lakh and Rs 10 lakh. A 30 per cent tax is levied on income above Rs 10 lakh.
Also read:‘Fighter’ is third most popular non-English film on Netflix in the world