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 ... Note: Tax rebate up to Rs.25,000 is applicable if the total income does not exceed Rs 7,00,000 (not applicable for NRIs). Income Tax Slabs for FY 2024-25 (AY 2025-26) Under Old Regime There were no changes made to the tax slabs under the old regime in the budget 2024. The tax slabs under the old regime are as follows: Income tax slabs for individuals aged below 60 years & HUF Compare the Old Tax Regime vs New Tax Regime for FY 2024-25. Check out slab rates, deductions, and choose the best tax option for you and Maximize your tax savings with ClearTax. Get the full list of old tax slabs for FY 2024-25 with deductions, benefits, and expert comparison with the new regime . Easy guide inside.
