Tax Brackets 2024 Vs 2024 India. An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. Let’s now consider a salaried taxpayer with an income of rs 20 lakh.

The new tax slabs under the new income tax regime will be effective from april 1, 2024. The government of india levies additional charges on individual taxpayers (irrespective of age) whose annual income exceeds inr 50.