Old and New Income Tax Regime Tax Slab; Check Tax Slab for FY 2024-25

The Financial year 2023-24 ended on March 31, 2024 and the deadline for filing tax returns by is July 31, 2024. The Income Tax Return (ITR) filing online process for FY 2023-24 (AY 2024-25) has now started at the e-filing income tax portal.

But before filing the ITR, taxpayers need to opt for one tax regime under which they have to file their tax returns. The tax department has made the new tax regime a default tax regime and salaried individuals should priorly inform their employers which tax regime they are choosing – new or old tax regime. And, before choosing any tax regime, compare your taxable income and tax liability.

Income over a specific threshold in a financial year is taxable. The amount of tax you pay is determined by your income and the income tax slab applied to it. Taxpayers can select any regime from the new tax slab or the old tax regime. Salaried individuals can select either of these options.

Income Tax Slab Rates for FY 2024-25

The criteria for calculating income tax for the financial year 2024-25 remain the same as last year. Due to the Lok Sabha elections in 2024, the government submitted an interim budget in February 2024.

There were no changes to the income tax laws in the budget. The comprehensive budget for the financial year 2024-25 is likely to be released in July or August 2024, following the formation of the new government. Until then, the laws will remain the same.