Finance Ministry refutes social media news on change in income tax regime ...Middle East

New Delhi:   The Finance Ministry has clarified that there is no new change in the income tax regime that is coming in from April 1, 2024, as is being reported by some social media platforms. “It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that: There is no new change which is coming in from April 1, 2024,” the Finance Ministry said on Sunday in a post on X. The new tax regime under Section 115BAC(1A) was introduced in the Finance Act 2023, as compared to the existing old regime without exemptions. The new tax regime is applicable for persons other than companies and firms, as a default re

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