Budget 2024: All You Need To Know

NEW TAX REGIME 2024: All You Need To Know

New Tax Regime 2024

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The old tax regime has unchanged for Fiscal year 2024-24

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Is the new tax regime default one?

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Can I switch to the old tax regime next year?

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who can't switch between the two regimes every year?

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No, if you choose the new tax regime you will not be able to claim the Section 80C tax benefit

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NEW TAX REGIME 2024: All You Need To Know

New Tax Regime 2024

To make the new tax regime more favourable for tax payers, Budget 2024 has updated the tax slabs.

The old tax regime has unchanged for Fiscal year 2024-24

Is the new tax regime default one?

From the FY 2024-24, the new tax regime will be default option

Can I switch to the old tax regime next year?

Yes, an individual can switch to the old tax regime next year, provided the person does not have business income

who can't switch between the two regimes every year?

Taxpayers having business income are not eligible to choose between the existing and new tax regime every year

No, if you choose the new tax regime you will not be able to claim the Section 80C tax benefit