Web30%. *Cess at the rate of 4% will be added to the income tax amount. *Surcharge will be applicable on taxable incomes above Rs 50 lakh. The new income tax slabs under the … WebFeb 1, 2024 · Instead of five different tax slabs, the new tax regime has seven tax slabs. It also the lowers the tax for income between ₹12.5 lakh to ₹15 lakh from 30% to 25%. Advertisement
New income tax slabs 2024, income up to ₹5 lakh exempt
WebApr 12, 2024 · New Tax regime rates FY 2024-23 (AY 2024-24) vs FY 2024-24 (AY 2024-25) In all the above cases, Cess will be levied at rate of 4% on income tax amount. Surcharges will be levied on incomes above Rs 50 lakh. There is no revision of Income Tax slab rates in case of old tax regime. WebFeb 4, 2024 · Basic exemption limit has been hiked to Rs 3 lakh from Rs 2.5 lakh The number of income tax slabs has been reduced from 6 to five The tax rebate under Section 87A has been hiked to taxable income level of … greensboro friendly center shops
New vs Old Income Tax Regime: Why Taxpayers Must Choose …
WebFeb 3, 2024 · Under the proposed tax slab, annual income up to Rs 2.5 lakh is exempt from tax. Those individuals earning a salary between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax. Income between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while earning of Rs 7.5 and 10 lakh to attract 15 per cent tax. Those earning a salary between Rs 10 and 12. ... WebFeb 1, 2024 · From Rs 9 lakh to Rs 12 lakh: 15%: From Rs 12 lakhs to Rs 15 lakh: 20%: Above Rs 15 lakh: 30%: Source: Budget 2024-24 . Tax slab under new regime before Budget 2024-24 ... buyers, however, were expecting that the basic exemption limit will be increased to Rs 3 lakh from the current Rs 2.50 lakh. Income tax slab: Rates for FY 20-21 Under new tax ... Web1 day ago · The most important aspect of this financial year is the introduction of new income tax slab --announced by FM Nirmala Sitharaman in this year's Budget -- and your consequent choice/selection of a tax regime thereupon. ... 9 to 12 lakh at a rate of 15 percent; 12 to 15 lakh at a rate of 20 percent; and 15 lakh and above at a rate of 30 … fm9 used