No new change in income tax regime from April 1: FinMin

NEW DELHI: The finance ministry on Monday said there is no change in the new income tax regime for individuals for the current fiscal year and individual taxpayers can opt out of the regime at the time of filing their ITR.

Clarifying on social media posts claiming certain changes in the new tax regime effective April 1, the ministry said, “There is no new change which is coming in from 01.04.2024.”A modified new income tax regime was rolled out from the financial year beginning April 1, 2023, for individuals under which the tax rates are “significantly lower”.

CNI