As the new financial year begins from April 1, 2024, a new tax regime will begin in India. And according to the reports, the new tax regime will become the default option. Back in February, Union Finance Minister, Nirmala Sitharaman announced the interim budget and that would now come into force in the new fiscal year, 2024-2025, which is starting from this Monday.
The tax slabs includes
Upto 3 lakh - 0 3-6 lakh - 5%
6-9 lakh - 10%
9-12 lakh - 15%
12-15 lakh - 20%
15 lakh & more - 30%
It is also noteworthy to mention that under the new tax regime, tax payers no longer need to maintain a track record of their travel tickets and rent receipts. And the taxable limit has also increased from Rs.5 lakhs to Rs.7 lakhs income.
