"Maximizing Tax Benefits: Navigating the Old vs. New Income Tax Filing Regimes"

The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) has started from 1st April 2024 and the last date to file ITR for FY 2023-24 is discussed below:-

Category of Taxpayer	Due Date for Tax Return Filing for F.Y. 2023-24 (If not extended by notification)
Individual / HUF/ AOP/ BOI (books of accounts not required to be audited)	31st July 2024
Businesses (Requiring Audit)	31st October 2024
Businesses requiring transfer pricing reports. (in case of international/specified domestic transactions)	30th November 2024
Revised return	31th December 2024
Belated/late return	31th December 2024
Updated return	31 March 2027 (2 years from the end of the relevant Assessment Year)

What Is an Income Tax Slab?

In India, the Income Tax applies to individuals based on a slab system, where different tax rates are assigned to different income ranges. As the person's income increases, the tax rates also increase. This type of taxation allows for a fair and progressive tax system in the country.

Let us take a look at all the slab rates applicable for FY 2023-24 (AY 2024-25).

Note:- for Old Regime Rebate is upto Rs. 12500 is applicable if the total income does not exceeds Rs. 5,00,000.

Note:-for New Regime Rebate is upto Rs. 25000 is applicable if the total income does not exceeds Rs. 7,00,000.

What are the Major Procedural Changes in Filing of Income Tax Return from FY 2022-23 to FY 2023-24?

Old Tax regime Vs New Tax regime? Which is better?

For middle-class taxpayers with taxable incomes up to Rs 15 lakh, the new tax regime offers substantial benefits. With lower tax rates and simplified deductions, it provides a more straightforward approach to tax compliance, potentially resulting in significant savings. However, high-income earners might find the old regime more advantageous due to its wider range of deductions and exemptions, allowing for more tailored tax planning strategies.

Conclusion On Old Tax Regime Vs New Tax Regime

In simple words, the new tax regime is beneficial for those who wish to avoid the complicated process of tax filings and don’t claim deductions. The old regime is ideal for those who wish to avail themselves of the benefits of exemptions and deductions. Your final choice between old vs new tax regime must depend upon your income levels and goals.

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