Check Out The Latest Income Tax Slabs And Rates As Per The New Tax Regime And Old Tax

Latest Income Tax Slab Tax Rates in India for FY 2023-24 AY 2024-25

Check out the latest income tax slabs and rates as per the New tax regime and Old tax.

In today's Budget 2024, the Finance Minister, Nirmala Sitharaman, made changes to the income tax slabs and rates for the current financial year. The new tax regime is a simplified tax structure introduced in Budget 2020, under which taxpayers can pay lower taxes but have to forego maximum deductions and exemptions. The new tax regime is the default tax regime, however, taxpayers can opt for the old regime (Old Tax Regime).

FAQs

1. What is the difference between the old and new tax regimes?

The Old Tax Regime was left untouched in the Union Budget for 2024-25, and the additional savings offered under the New Tax Regime may be seen as further sweetening of the deal.