<h1>New Tax Regime Offers Lower Rates but Fewer Deductions; Individuals Can Choose Annually, No Changes After April 2024.</h1> Misleading information about the new tax regime has been circulating on social media. The Finance Act 2023 introduced the new regime under section 115BAC(1A) for FY 2023-24, applicable to individuals, excluding companies and firms. The new regime offers lower tax rates but lacks exemptions and deductions available in the old regime, except for a standard deduction from salary and family pension. Taxpayers can opt for the old regime until filing returns for AY 2024-25. Eligible individuals without business income can choose between regimes annually. No changes are set to occur from April 1, 2024.