Tax Brackets 2024 India Old Regime. The old tax regime refers to the system of income tax. Under section 115bac of the income tax act, the new tax regime offers simplified tax brackets and rates for individuals, hufs, aops, bois, and ajps, along with a full tax.

6 lakh, you fall under 20% tax bracket with old tax regime and 5% tax bracket with new tax regime. However, the eligible taxpayers have the option to opt out of new tax regime and choose to be taxed under old tax regime.