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New Tax Regime Taxable Income Up to Rs 7.27 lakh: Taxpayers earning up to Rs 7.27 lakh are not required to pay any tax under the new tax regime. This includes a marginal relief of up to Rs 27,000, achieved through a Rs 25,000 rebate under the Finance Act, 2023. No Deductions: In the new tax regime, taxpayers are not allowed to claim deductions under various sections of the Income Tax Act, such as Section 80C, 80D, and 80CCD. This regime aims to simplify the tax filing process by eliminat
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FAQ :
Around 5.5 crore taxpayers are likely to have opted for the new tax regime in the financial year 2024.
Under the new tax regime, taxpayers earning up to Rs 7.27 lakh are not required to pay any tax.
No, the new tax regime does not allow taxpayers to claim deductions under various sections such as Section 80C, 80D, and 80CCD.
The new tax regime is best suited for taxpayers with a taxable income up to Rs 7.27 lakh who prefer a simplified tax filing process and do not have significant deductions to claim.
The exact number of individuals opting for each regime will only be known in the next assessment year (2024-25) when the earnings and tax obligations for the current financial year become clear.
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