New tax regime vs old: The Finance Act 2023 has amended the

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 ... 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 New and Old Tax Regimes for FY 2025-26. Learn about tax rates, exemptions, deductions, and which regime suits your income and financial goals.... Clear guide on old vs new tax regime , with simple examples to help you choose the best tax plan and save more money this year.