The source said so far over 8 crore individuals have filed ITRs for income earned in 2023-24 fiscal, of which over 5.92 crore are in the new income tax regime.
The new tax regime was set as “a default regime” from 2023-24 and the Assessment Year corresponding to this is AY 2024-25. This can be changed by the taxpayer at the time of filing Income Tax Returns (ITR) by an individual.
Eligible persons without any business income will have the option to choose the regime for each financial year.
However, the benefit of various exemptions and deductions (other than standard deduction for salary income and family pension) is not available, as in the old regime.
The old tax regime which is still in force and offers a host of deductions and exemptions, exempts income up to Rs 2.5 lakh from taxes.





















































