Sunday, 21 April 2024
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FinanceIndia

Minister of Finance: Has the income tax slab changed since today?  

  • The new tax system was adopted in the Finance Act 2023 and no new modifications will take effect on April 1, 2024.
  • The new tax structure applies to individuals other than corporations and enterprises.
  • The tax regime may be changed from one financial year to the next by eligible individuals without company income.

The new tax system under section 115BAC(1A) was adopted in the Finance Act 2023, according to the Finance Ministry, and no new modifications will take effect on April 1, 2024.

The new tax structure, which is default effective for financial years 2023–24 and AY 2024–25 in assessment years, applies to individuals other than corporations and enterprises.

Income Tax Slab

The benefit of several exemptions and deductions (except from the standard deduction of Rs. 50,000 from salary and Rs. 15,000 from family pension) is not available under the new tax regime, even though it is substantially lower than the previous one. For each fiscal year, qualifying people without business income can choose between the previous and current tax regimes.

Although taxpayers are free to select the tax system that best suits their needs, the new tax regime is the default. Up until the assessment year 2024–2025 return is filed, there is still time to choose to opt out of the new tax structure.

The tax regime may be changed from one financial year to the next by eligible individuals without company income. In other words, they may select a new tax regime in one year and a previous tax regime in another, and vice versa.

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