The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime for the assessees being Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person. However, the eligible taxpayers have the option to opt out of new tax regime and choose to be taxed under old tax regime . The old tax regime refers to the system of income tax calculation and slabs that existed before the introduction of the new tax ... Understand India's income tax slabs for FY 2024-25 (AY 2025-26). Compare Old and New Tax Regimes, including tax rates, deductions, rebates, and other key differences for individuals. Compare the income tax slabs and rates for new and old regimes for FY 2024-25 and AY 2025-26. Learn about the changes, exemptions, deductions, and surcharge applicable under each regime . While the new tax regime is now the default, the old tax regime remains an option for those who prefer to claim various deductions and exemptions. Here’s a look at how taxation works under the old system for FY 2024-25.
