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# taxslabs2023

1 posts in `taxslabs2023` tag

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Income tax

Income Tax AY 2024–25: Understanding Section 115BAC Rules

Section 115BAC introduces a simplified tax structure with reduced slab rates, but at the cost of foregoing key exemptions and deductions. Effective from AY 2024–25 as the default regime, this blog explains the revised tax slabs, outlines the benefits that are no longer available, and guides taxpayers on choosing between the new and old regimes based on their financial profile and investment habits.