From April 1, 2023, the new tax regime will be the default regime if a taxpayer fails to note which of the two regimes, old or new, she or he would opt for to file income tax return.
From April 1st, the new tax regime which was announced in Budget 2023 will come into effect. Finance Minister Nirmala Sitharaman in her budget speech announced new income tax slabs and decided to make it a default tax regime. However, the old income tax slabs regime has not been abolished as well.