x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Previous records set to tumble | The Incomplete Return: Revisiting the Home We Never Lived In | Healing Wounds - Reviving Tourism in Kashmir | Turning Pages in a Scrolling World: The Quiet Return of Reading | Decades-old Kashmiri Pandit killing cases may reopen following LG’s initiative | Doda’s deadly roads: Fatal accidents persist | BJP misleading people of J&K and country on Omar Govt’s performance: Surinder Choudhary | HC reject pre-arrest bail in PMLA of Master-Mind in fake Cryptocurrency case | Robbery case solved Jammu police | Trials for upcoming national Netball championships | BIS JKBO Organizes "Manak Conclave" for Industries and Stakeholders Engagement in Kathua | Health & Education pillars of J&K's progress and prosperity: CM Omar Abdullah | CISF Wins 64 Medals at World Police and Fire Games 2025 in the USA | HC reject bail plea of Narco Terrorism | Another batch of pilgrims leaves Jammu for Amarnath Shrine | BJP Jammu & Kashmir holds joint organizational meeting | Swachhta Internship Program launched to foster cleanliness culture in schools | Reasi police nabs drug peddler; 509.930 grams of cannabis recovered | JKNC delegation meets Deputy Chief Minister Surinder Choudhary | Nominations for Padma Awards-2026 open till 31st July, 2025 | UIDAI urges parents and guardians to update children's Aadhaar biometrics; free between ages 5 and 7 | Gold declines Rs 200 to Rs 99,370/ 10 G; Silver plunges Rs 3,000 to Rs 1.12 lakh/kg | Ladakh Administration reopens property return portal for final time till July 30 | Tony leads delegation of Trikuta Nagar to JMC Commissioner, submits memorandum | CM Pushkar Singh Dhami meets Union Health Minister JP Nadda in Delhi | CM Yogi's Gram-Urja model to transform rural Uttar Pradesh into self-reliant, energy-rich villages | NFR's Seamless Electric Traction upto Dibrugarh & Naharlagun makes ease in Railway Transportation system for NE | DLSA Udhampur convenes UTRC meeting | Skilled youth are the backbone of self-reliant India: CM Yogi | Army organises Quiz Competition on Agra Summit | Children, Adolescent groups formed at Rajouri | Secretary, Department of Food & Public Distribution chairs review meeting with UT Ladakh Administration | SMVDNSH Katra achieves milestone with first neuro-navigation guided brain tumor surgery | Udhampur police busts Inter-State Gold fraud; accused arrested within 24 bours | Jammu Police seizes two tippers for Illegal Mining | J&K cadets script history on Mt Everest” | Kidnapped girl traced, accused arrested by Doda Police | UTDRF Doda unit organizes disaster awareness session | DC Srinagar reviews progress of construction of Panchayat Ghars | APS Damana hosts prestigious, spirited Inter-APSs cluster-I hindi debate competition | Udhampur Police book another Notorious bovine smuggler | J&K clinches Gold at National ODOP Awards 2024 for second consecutive year | Inter District Division Level Youth organizes Exchange Programme | Chairman DLSA emphasizes vital role of UTRC meetings in strengthening criminal justice system | Gill didn't look as technically tight or calm as usual: Vaughan | Happy to silence the the keyboard warriors: Jofra Archer | BLSKS observes “World Youth Skills Day 2025” | Back Issues  
 
news details
No change in IT regime: Finance Ministry
4/1/2024 11:03:11 PM
New Delhi, Apr 1: 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”. However, the benefit of various exemptions and deductions (other than standard deduction of Rs 50,000 from salary and Rs 15,000 from family pension) is not available, as in the old regime.
“New tax regime is the default tax regime. However, tax payers can choose the tax regime (old or new) that they think is beneficial to them… Option for opting out from the new tax regime is available till filing of return for the AY 2024-25,” the ministry said.
Under the new I-T regime, income of up to Rs 3 lakh is exempt from tax. A 5 per cent tax is levied on income between Rs 3-6 lakh, 10 per cent for income between Rs 6-9 lakh.
Income between Rs 9-12 lakh and Rs 12-15 lakh is subject to 15 per cent and 20 per cent tax, respectively. A 30 per cent I-T would be applicable on income above Rs 15 lakh.
The new tax regime was set as “a default regime” from 2023-24 and the Assessment Year corresponding to this is AY 2024-25. This can be changed by the taxpayer at the time of filing Income Tax Returns (ITR) by an individual.
Eligible persons without any business income will have the option to choose the regime for each financial year.
So, they can choose new tax regime in one financial year and old tax regime in another year and vice-versa, the ministry said in a statement.
The old tax regime which is still in force and offers a host of deductions and exemptions, exempts income up to Rs 2.5 lakh from taxes.
Income from Rs 2.5-5 lakh attracts 5 per cent tax, and 20 per cent for income between Rs 5 lakh and Rs 10 lakh. A 30 per cent tax is levied on income above Rs 10 lakh.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU