The default tax regime for FY 2024-25 is the new tax regime which means if your income is up to Rs 7 lakh for that year, you don’t need to pay any income tax thanks to the Section 87A tax rebate.

Old vs New Tax Regime: For a long time, people have been investing in PPF, ELSS mutual funds, life insurance, or children's tuition fees under section 80C to save tax. These used to give a rebate of ...