Financial Literacy News: The new financial year, 2024-25 has begun starting from April 1. However, the income tax laws from the previous year, FY 2023-24, remain in effect for FY 2024-25 because the government has not made any changes. Potential changes may be announced in the upcoming budget after elections, but until then, the old laws remain.
Income tax slabs FY 2024-25: With the new financial year starting, salaried individuals must decide between old and new tax regimes. The default option is now the new regime, with different rates and deductions
The new tax regime offers fewer tax deductions and exemptions compared to the old tax regime, which provides various deductions under Chapter VI A from taxable income.