New tax regime 2024: Income tax is a

Income tax is a direct tax which follows a progressive slab rate, where the rate of tax increases as the taxpayer’s income rises. The Income- tax Act, 1961 provides for two tax regimes: the old regime , which allows various deductions and exemptions, and the new regime , which offers lower tax rates without exemptions. Compare the new and old tax regimes for FY 2024 -25 and AY 2025-26, with revised slabs, deductions and exemptions. Learn how to calculate your income tax , surcharge and cess under the new tax regime .