Indian Government Issues Clarification on Old and New Tax Regime
India, April 1 -- In light of recent misinformation circulating on social media platforms regarding India's new tax regime, the Indian government has issued a clarification to debunk any misleading claims and provide accurate information to taxpayers.
The new tax regime, introduced under section 115BAC (1A) in the Finance Act of 2023, presents a structured comparison with the existing old regime. This clarification aims to ensure that taxpayers understand the differences and implications of both regimes clearly.
The Indian Government has issued the following comparison between the New and Old Tax regime:
New Tax Regime (115BAC(1A)) for FY 2023-24:
Existing Old Tax Regime:
It is important to note that the new regime applies to individ...
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