It is important to note that the changes in the income tax slabs under the new tax regime are effective from April 1, 2024, i.e., for the ongoing fiscal year, 2024-25.

With the start of the new financial year, many income tax changes will take effect; understanding the latest income tax slabs will help you select the tax regime that works best for you. Here are ...

Check the latest slabs of income tax and rates under the new tax regime for those earning above Rs 12 lakh. The adjustment in income tax rates is expected to enhance consumer spending in the economy.

New income tax vs. old income tax slabs: Finance Minister Nirmala Sitharaman presented the Narendra Modi 3.0 government's first budget on July 23.

Income Tax Slabs FY 2025-25 New versus Old Income Tax Regime: Finance Minister Nirmala Sitharaman announced significant income tax relief for the middle class in the Union Budget 2025, eliminating ...

Finance Minister Nirmala Sitharaman presented the Union Budget 2020 in the Lok Sabha on Saturday. This is the second time Sitharaman tabled the Budget after ...

In the new tax regime, the slab rates are lower than the old regime, but it does not provide the facility of popular tax exemptions / deductions like Section 80C, 80D, HRA, LTA etc.

Shefali Mundra, tax expert, ClearTax, is of the view that the old regime may still suit those with substantial deductions. "The changes reduce the need for complex documentation and for investing ...