In a first, students will learn about new tax regime in Class 9 NCERT textbook
The NCERT has introduced a new chapter on personal finance in the Class 9 social science textbook, which includes instructions on calculating income tax under the new tax regime. This marks the first time such practical financial literacy has been integrated into the school curriculum.
Why it matters
Integrating tax education into the school curriculum aims to improve financial literacy among youth and promote awareness of government fiscal policies.
In a first at school level, students as young as those in Class 9 will be taught how to calculate income tax liability under the new tax regime.
The newly released social science textbook of the National Council for Educational Research and Training (NCERT) — Understanding Society: India and Beyond Part Two — has been included in the chapter, titled “Managing Your Personal Finances”.
The new tax regime was announced in February 2020 during the Union Budget announcement for 2020-21 by the Centre and has became the default tax regime starting April 1, 2023. If a taxpayer wants to opt for the old tax regime they have to actively opt out of the new regulations. Interestingly, there is no mention of the old tax regime in the chapter.
The new regime offers lower tax rates in exchange for giving up most exemptions and deductions.
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