Old tax regime slabs: The Finance Act 2023 has amended

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 Deductions/exemptions allowed under new tax regime Deductions/exemptions under old tax regime Old Regime New Regime Gross Salary (after deducting allowances exempted under both regimes) Less: Amount deductible from Gross Salary (except standard deduction) which is not allowed in new regime Less: Standard Deduction Income from Salaries 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.