New Tax Brackets 2024 Vs 2024 India. The new tax rates under the new tax regime will be applicable for incomes earned between april 1, 2023 and march 31, 2024. The old tax regime allows taxpayers to claim various deductions and exemptions, such as hra, lta, and section 80c, among others.

No tax is payable on income up to rs 3 lakh. For income between rs 2.5 lakh and rs 5 lakh, a 5% tax applies.