WebFeb 1, 2024 · The new income tax slabs under the new tax regime are. Rs 0-3 lakh: Nil. Rs 3-6 lakh: 5 per cent. Rs 6-9 lakh: 10 per cent. Rs 9-12 lakh: 15 per cent. Rs 12-15 lakh: 20 per cent. Over Rs 15 lakh: 30 per cent. The move is aimed at incentivising people to shift to the new tax regime, which has not seen much traction since launch in FY21. WebJun 26, 2024 · List of deductions that are still allowed in New Tax Regime – 1. The daily allowance is given by the employers under certain conditions. 2. Any allowance for the cost of travel or transfer. 3. Transport allowance given for handicapped. Deduction in respect of contribution to Pension Account. Tags: income tax, income tax act 1961, tax regime
Old Tax Regime Vs. New Tax Regime: Which Is Better In 2024?
Web2 days ago · The tax liability under the old tax regime was based on income slabs with a tax rate of 5% for income between 2.5 lakhs to 5 lakhs, and 15% for income between 5 lakhs to 7 lakhs. This was further reduced by a rebate available under section 87A, but only if the income was less than 5 lakhs. WebFeb 23, 2024 · The new tax regime has widened the scope of taxation with seven tax slab rates ranging from 0% to 30% with the highest tax rate applicable on income above INR 15 lakh. Contrary to the... is a common disease caused by a mycobacterium
Income Tax Slab and Tax Rates for FY 2024-22 (AY 2024-23)
WebThe default tax regime will be the new income tax regime and the taxpayers can choose to opt for the old income tax regime. ... New Tax Slabs: New Income Tax Rates: Upto Rs 2.5 lakh: NIL: Upto Rs 3 lakh: NIL: Rs 2.5 – Rs 5 lakh: 5%: Rs 3 lakh – Rs 6 lakh: 5%: Rs 5 – Rs 10 lakh: 20%: Rs 6 lakh – Rs 9 lakh: 10%: Web1 day ago · New Income Tax Slab: For people with an annual income of up to Rs 7 lakh, there will be no tax under the new tax system. The basic exemption level has been raised to 3 lakh and a... Web1 day ago · By Koustav Das: The new income tax regime, which got a massive makeover in Budget 2024, could see more takers this year with an enhanced tax rebate limit and lower … is a common cold caused by bacteria