Tax Bracket 2024-25. Make new tax regime the default tax regime for the assessee being an individual, huf,. The government of india levies additional charges on individual taxpayers (irrespective of age) whose annual income exceeds inr 50 lakh.

An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. The financial year for tax purposes for individuals starts on 1st july and ends on 30 june of.