Here's a simpler version:
Starting from April 1, 2024, there won't be any new tax changes.
The new tax rules, introduced in 2023, are for individuals, not companies or firms.
These new rules apply automatically from the 2023-24 financial year. You'll see the effects in the 2024-25 tax assessment.
| Under these new rules, tax rates are lower, but you won't get as many deductions and exemptions as before.
The new tax regime is the default, but taxpayers have the option to choose either the old or new regime based on what benefits them.
Taxpayers can opt out of the new tax regime until filing their return for AY 2024-25. Eligible individuals without business income can choose the regime for each financial year, allowing flexibility to switch between the new and old regimes as per their preference
