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The Finance Act 2023 has made the new tax regime as the default tax regime for FY 2023-24 (AY 2024-25). The taxpayers can switch between the old and the new tax regime on a year-on-year basis.
Deductions under New Tax Regime: Salaried individuals opting for the New Tax Regime can still claim many deductions. A few prominent ones are Standard Deduction and deduction under Section 80CCD (2) for employer's contribution to the National Pension System.
Gratuity: An employee is eligible for gratuity payment after completing 5 years of continuous service with one employer.