New tax regime 2024: Learn the differences

Learn the differences, advantages and disadvantages of new and old tax regimes for individual taxpayers from AY 2024 -25. Find out how to opt for or opt out of the regimes, and what deductions and exemptions are available in each regime . Compare the Old Tax Regime vs New Tax Regime for FY 2024 -25. Check out slab rates, deductions, and choose the best tax option for you and Maximize your tax savings with ClearTax. With effect from AY 2024 -25, new tax regime has made default tax regime for Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person. However, taxpayers have the option to choose between new tax regime and old tax regime. Understand India's income tax slabs for FY 2024 -25 (AY 2025-26). Compare Old and New Tax Regimes, including tax rates, deductions, rebates, and other key differences for individuals.