Team Blitz India
NEW DELHI: The Government clarified on April 1 that no new changes related to income tax rules is taking effect from April 1.
A detailed statement has been issued by the Ministry of Finance to counter misleading information related to the new tax regime on social media platforms.
“This regime is applicable for persons other than companies and firms, as a default regime from the financial year 2023-24 and the assessment year corresponding to this is AY 2024-25,” said the statement.
It noted that under the new tax regime, the tax rates are “significantly lower”, but added that 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 – is not available like in the old tax regime.
