New Income Tax Regime 2024-25. In the current financial year 2024, following the changes implemented in budget 2023, the maximum surcharge rate in the new tax. Many taxpayers are wondering whether they are allowed to switch their preferred income tax regime and avail new benefits announced by the central.
An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. The government of india levies additional charges on individual taxpayers (irrespective of age) whose annual income exceeds inr.