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Latest income tax slabs FY 2024-25: Finance Minister Nirmala Sitharaman has changed the income tax slabs effective FY 2024-25 under the new income tax regime as announced in Budget 2024.

Under the new tax regime, individuals with annual income up to Rs 7 lakh can avail a rebate under Section 87A, meaning they won’t have to pay any tax.

However, there’s a crucial caveat. This flexibility to change regimes is only available if the ITR is filed on or before the due date. If a taxpayer files a belated return—after the deadline—the ITR will be filed only under the new tax regime. The income tax portal will not allow a switch to the old regime in such cases.

The Income Tax Department is expected to soon release the online ITR forms, which will officially open the e-filing process. Usually, the Central Board of Direct Taxes (CBDT) announces these forms in the early months of the financial year, and this year they are likely to be available by April.