Are there any new changes taking place in the Income Tax from 1st April 2024? The answer is no!
There was an official statement issued by the Ministry of Finance to shed light on the misleading information being circulated on social media.
From FY 24-25, the new tax regime will be the default option for individuals. However, they can select the old tax regime manually.
Individuals have to pay lower taxes if they opt for the new tax regime. However, unlike the old tax regime, they would not be able to claim deductions under sections 80C or 80D as well as for LTA and HRA.
As per the new tax regime, income upto Rs. 7.5 lakh is tax-exempt. The same tax exemption limit is Rs. 5 lakh with the old tax regime but with deduction and investment options to reduce the taxable income.
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