How to save tax in new tax regime (2024-25)
Maximise your tax savings under the new regime. Get the latest insights into the new tax regime of 2024-2025
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Last Updated: Jun 05, 2024, 20:30 IST1 min
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Indian finance and taxation systems have undergone significant transformations over the decades, evolving in response to the country"s dynamic economic terrain. The foundation of India"s taxation framework is a mix of direct and indirect taxes, with direct taxes primarily comprising income tax and corporate tax and indirect taxes, including the Goods and Services Tax (GST), customs duties, and excise duties.
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On the direct tax front, the Indian government has consistently worked to simplify tax laws and make the tax system more equitable. Introducing the new tax regime is a notable development in this regard.
The new tax regime aims to simplify income tax for individual taxpayers by offering lower tax rates in exchange for preceding most deductions and exemptions available under the old regime.
What is the new tax regime for FY 2024-25?
In the interim Budget 2024, Finance Minister Nirmala Sitharaman maintained the status quo on income tax slab rates, leaving them unchanged for the financial year 2024-25, which begins on April 1, 2024. Taxpayers must again decide between the old and new tax regimes to minimise their tax liability.The income tax slabs in the 2024-2025 new tax regime will remain unchanged for the financial year 2024-25 (assessment year 2025-26), as no updates were announced in the interim budget.Income tax slabs under the new tax regime for FY 2023-24 and FY 2024-25, as sourced from ClearTax.
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First Published: Jun 05, 2024, 20:30
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