The Ministry of Finance clarifies that there are no new tax changes effective from April 1, 2024. The new tax regime introduced under section 115BAC(1A) in the Finance Act 2023 applies from the Financial Year 2023-24 onwards. Tax rates are lower, but most exemptions and deductions are unavailable, except for standard deductions. Taxpayers can choose between old and new regimes until filing returns for the Assessment Year 2024-25.
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