Web4 hours ago · And, If assessee opts for New tax Regime , the total income shall be computed without any exemption or deduction under the provisions of:-Sec 10(5) [ Leave Travel Concession] ... So, No Tax required to be paid till Rs 7 lakhs taxable income. Slab Rate of New tax Regime is ; Total Income (Rs) Rate: Up to 3,00,000: Nil: From 3,00,001 to … WebFeb 1, 2024 · The government has revised the surcharge rate under the new tax regime for FY 2024-24. The revised surcharge rate as follows: (A) Taxable income above Rs 50 lakh - …
Income Tax Slab 2024: New income tax slab rates for FY 2024-24 (…
Web1 day ago · Tax Slab: Tax slabs in the new regime have also been relaxed a bit now and these new relaxed slab rates are: up to Rs. 3,00,000 – Nil Tax; 3,00,001 to 6,00,000 – 5%; … Web5 hours ago · 10% of income tax if total income > Rs.50 lakh. 15% of income tax if total income > Rs.1 crore. 25% of income tax if total income > Rs.2 crore. 37% of income tax if total income > Rs.5 crore *In Budget 2024, the highest surcharge rate of 37% has been reduced to 25% under the new tax regime. (applicable from April 1, 2024) diction in the lottery
Income Tax: How to choose between the old and new tax regime …
WebFeb 1, 2024 · As per FM’s proposal, individuals earning up to Rs 7 lakh will have to pay no tax under the New Regime. For individuals in the highest tax bracket, the Finance Minister has proposed to... WebHere are some of the differences between the old tax regime (2024-2024) and new tax regime (2024-2024): The Income tax slabs have been reduced from 6 to 5. The basic … WebMar 21, 2024 · Under the new tax regime, the rebate for income tax increases to Rs.7 lakh from the earlier limit of up to Rs. 5 lakh. Apart from that, surcharge rate on income of Rs.5 crore and above decreases to 25% from 37%. The income tax you are liable to pay depends on your income tax slab. There are two tax regimes as of now. diction in speaking