Skip to main content
Abstract purple steps ascending toward a red-lit top step.

Income Tax Rates

Concise answers to frequently asked questions on income tax rates

Is the New Tax Regime Now the Default Option?

Updated

The new tax regime under section 115BAC(1A) of the Income-tax Act, 1961 has been the default since FY 2023-24, so if you do nothing your tax is computed under it. The old regime stays available: a salaried taxpayer simply chooses it in the return each year, while anyone with business income must file Form 10-IEA to opt out.

Read the full answer