WebFeb 2, 2024 · What are the new income tax slabs for 2024 to 2024 under new tax regime? Up to Rs 3 lakh income there is 0% or NIL tax From Rs 3 lakh to Rs 6 lakh the tax rate is 5% From Rs 6 lakh to Rs 9 lakh the tax rate is 10% From Rs 9 lakh to Rs 12 lakh the tax rate is 15% From Rs 12 lakh to Rs 15 lakh the tax rate is 20% Above Rs 15 lakh the tax rate is 30% WebMar 8, 2024 · If your taxes under the old regime were Rs 65,000 assuming no deductions, in the new regime, your taxes on the same income reduce to Rs 39,000. But in the old regime, if you had claimed deductions of Rs 1.5 lakh, your taxes would be the lowest at Rs 33,800. Remember that Income tax deduction limits favor those in lower-income brackets.
Old vs New Tax Regime: Which regime is better if your salary income …
WebFeb 2, 2024 · Old tax regime. Revised new tax. Income Tax after relief u/s 87A. 1,87,500 ... the highest surcharge level will be 42.74 per cent in the old regime, while the new tax regime will be maxed at 39 ... WebMany taxpayers are confused between the old and new tax regimes. The new tax regime was introduced in Union Budget 2024. So, now individual taxpayers get to choose between the two regimes. ... Taxable Income (Old regime) Taxable Income(New regime) Basic Salary 12,00,000 12,00,000 12,00,000 HRA 6,00,000 4,80,000 1,20,000 6,00,000 Special ... fms vacatures
Income and Tax Calculator Income Tax Department
WebFeb 13, 2024 · The new tax regime is based on the 'lower tax rate but no deduction or exception' mantra. It does not allow 70 deductions and exemptions allowed under the old tax regime. What changes did Budget … Web1 day ago · Old versus New Income Tax Regime: As you choose between the old and the revised new income tax regime for the financial year 2024-24, one thing to remember is that investments still continue to be important. Irrespective of whether you derive tax benefits from investments or not, they serve a crucial role in your financial planning. WebApr 12, 2024 · April marks the beginning of a new financial year, which is when usually new income tax laws come into effect. For the financial year 2024-24, the government has revised the income tax slabs under the new tax regime to make it more attractive in comparison to old tax regime.Further, many other benefits have also been brought under … fm style th c