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... WebJan 28, 2024 · The new tax regime provides six tax slabs with reduced tax rates on incomes up to Rs 15 lakhs. Due to reduced tax rates, multiple income-tax exemptions and deductions are not allowed under the new income-tax regime and hence, it becomes less attractive for the taxpayers who are not eligible to claim multiple deductions /exemptions.

Income Tax Slabs & Rates for Financial Year 2024-24

WebMar 22, 2024 · What Are the Surcharge Rates in the New Tax Regime for FY 2024-24? As per the new tax regime, the government revised the surcharge rate for FY 2024-24. The new surcharge rate is as follows: (A) Your income above Rs 50 lakhs – 10%. (B) Your income above Rs 1 crore – 15%. (C) Your income above Rs 2 crore – 25%. WebFor individuals below 60 years of age, the basic exemption limit is Rs 2.5 lakh for FY 2024-23 and FY 2024-24. Income tax slabs for individuals under old tax regime For senior citizens, aged 60 years and above but below 80 years, the basic exemption limit is Rs 3 lakh for FY 2024-23 and FY 2024-24. dog and owner matching

How to select tax regime with Income Tax Calculator for FY 2024-24

Web7 rows · Feb 4, 2024 · It will continue to have three income tax slabs in FY 2024-24 as well. The income tax ... WebApr 3, 2024 · The highest slab rate of 30% shall continue to apply to income above INR 15,00,000. 4. The total income eligible for rebate under Section 87A has increased from INR 5,00,000 to INR 7,00,000 for taxpayers opting for the new tax regime. 5. WebFeb 1, 2024 · The income tax slabs under the new tax regime has been reduced to five in FY 2024-24 from ... facts about the big snow 1947