Big statement from the Finance Ministry on the new tax regime, said- From April 1…

highlights

There has been no change in the tax regime.

The news going on social media is baseless.

Taxpayers should not pay attention to this.

New Delhi. There is big news for taxpayers. Today, with the start of the new financial year (2024-25) from April 1, the Finance Ministry has issued a big statement regarding income tax. The Finance Ministry has responded to some news circulating on social media and has clarified the situation regarding the new tax regime for taxpayers. It is noteworthy that the government has implemented the new tax regime by default from the last financial year itself.

In a statement issued by the Finance Ministry, it has been said that no change has been made in the tax regime for the new financial year starting from April 1. Whatever news regarding this is circulating on social media is completely baseless and taxpayers should not pay attention to it. The ministry has also said that even though the new tax regime has been implemented by default, taxpayers can make changes in it till the time they file their ITR and can adopt the old tax regime whenever they want. For assessment year 2024-25 also, taxpayers will have the option to choose the tax regime of their choice.

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

Choices can change every year
The Finance Ministry has said that taxpayers have also been given the facility to change their tax regime every year. Taxpayers who do not have any income from business are given the option to change their tax regime every year. If such taxpayers wish, they can adopt the new tax regime one year and choose the old regime the next year as per their convenience. Changes can be made again in the coming year.

If you don't choose yourself…
The new tax regime has been implemented by-default i.e. automatically from the financial year 2024-25. If a taxpayer forgets to choose his regime or deliberately does not choose it, then the new tax regime will automatically be applicable to him. Tax is deducted from the income of such a taxpayer as per the new regime.

CBDT serious on the matter
The ministry has said in its notification that some misleading information is being spread on social media regarding the new tax regime. Taking cognizance of this, the Central Board of Direct Taxes (CBDT) has asked to clarify the situation. CBDT has made it clear that in the new regime, except the exemptions available in some special situations, all other concessions have been stopped. However, in this regime, taxpayers are given the benefit of exemption in tax slab.

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