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. 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. Introduction The income tax system in India follows a progressive slab rate structure, where the tax rate increases as income rises. Under the Income- tax Act, 1961, taxpayers can choose between two regimes: Old Tax Regime – Allows various exemptions and deductions. New Tax Regime – Offers lower tax rates without exemptions. The Finance Bill 2025 has introduced several key updates, including revised income tax slabs , increased rebates, and marginal relief for taxpayers. This article ... 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 ...
