None
Skip to mainTaxpayers can switch back and forth between the existing income tax regime and the new one that offers lower slabs without exemptions, said the Central Board of Direct Taxes (CBDT) chairman PC Mody.
FM Sitharaman announced new tax regime with slightly reduced tax rates in the February 1 budget. The new slab was optional and those who opt will have to forgo the major deductions and exemption availed in the existing tax structure. A minority may find this new regime useful.
If you find the new scheme preferable, you can move to it. If you’re better off in the old system, then you can continue.
“Further, this option (of switching) is available to you on a year-on-year basis—that’s a very interesting proposition,” Mody said. “If I feel availing a certain deduction this particular year, my old set-up is better, I opt for that. But if a new regime offers me a better rate, I can opt for it.”
The chairman said deductions and exemptions will be gradually phased out to make the tax structure simpler and easier to comply with, reiterating a point Sitharaman had made.
🕑 24 Mar, 2024 08:01 AM
Minutes of the DC/JCM (Railways) and Staff Side Meeting held on 15-16 Feb
🕑 20 Mar, 2024 09:23 AM
Pensioners Samaj on discrematory nature of railway Notional Increment order
🕑 20 Mar, 2024 09:14 AM
BSNL non-executive staff wage revision: Record of Joint Committee discussion
🕑 19 Mar, 2024 10:36 AM
50% for CDA pattern employees of CPSEs in 7th CPC pay
🕑 18 Mar, 2024 01:16 PM
Changes in Reimbursement of Children Education Allowance as per NEP 2020
🕑 18 Mar, 2024 01:13 PM
Holiday declare for 14th April, 2024 – Birthday of Dr. B.R. Ambedkar
🕑 18 Mar, 2024 01:04 PM
Revised Flexible Complementing Scheme for Scientists
🕑 15 Mar, 2024 09:33 AM
Dearness Relief to Central Government pensioners from January 2024
🕑 14 Mar, 2024 02:07 PM
Govt bans 18 vulgar 18 OTT. See the list here
🕑 08 Mar, 2024 01:49 PM
Pension Scheme Gains Traction Across States, Despite Central Hurdles
🕑 20 Feb, 2024 11:17 PM
CGHS rate for general surgery applicable from February 1, 2024
🕑 08 Feb, 2024 10:19 AM
No loan interst change as RBI maintains repo rate at 6.50% for the 6th time
🕑 07 Feb, 2024 08:28 PM
The Evolving Role of Pay Commissions in India: Mandatory or Myth?
🕑 05 Feb, 2024 03:50 PM
How much you take home increase after DA hike?
🕑 03 Feb, 2024 07:59 PM
Guaranteed Benefits in NPS: Election Gambit or Endgame for Retirees?
🕑 03 Feb, 2024 07:46 PM
Budget 2024. Benefit up to ₹ 25000. One in eight taxpayers to benefit