New tax regime to be default, taxpayers can continue to use old one too: FM

The new tax regime will be the default regime, Finance Minister Nirmala Sitharaman announced in Union Budget 2023-24. However, citizens will continue to have the option to avail the benefits of the old tax regime, she said. Income tax slabs under the new tax regime, which was first introduced in the Union Budget 2020, have also been reduced to five.