Finance Minister declines clarity on future of old tax regime

Finance Minister declined any further clarity on the future of the old tax regime

With the New Tax Regime being sweetened further with a higher standard deduction and slight change in lower tax brackets, will the Old Tax Regime be discontinued in the future is a question that many have.

But the Finance Minister declined any further clarity on the future of the old tax regime in the post-Union Budget 2024 Press Conference.

"We cannot comment right now on whether there will be a sunset on the old tax regime as of now," said Finance Minister Nirmala Sitharaman, during the press conference.

Follow: Union Budget 2024 Live Updates on Moneycontrol

But Tuhin Kanta Pandey, principal secretary - Finance Department mentioned that 70 percent of the returns filed for the assessment year 2023-24 were under the New Tax Regime.

The Finance Minister, however, mentioned that the government is aiming for a simplified tax regime, which was the motive of introducing the new tax regime.

Also read | New income tax regime gets sweeter; tax slabs softened, standard deduction hiked