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 tax slabs.. While the government has sweetened the new tax regime significantly, it still does not offer 80 odd deductions that can be claimed under the old income tax regime.. Even … WebMay 27, 2024 · Old Income Tax Structure – At the existing income tax rates, benefit from the exemptions and tax breaks. Tax Deductions and Exemptions not allowed in the new tax structure Section 80C – The most popular tax deduction under Section 80C of up to ₹1.5 Lakh is not applicable in the new tax structure.
Old vs New Tax System in India: Choosing the Right Option
WebApr 12, 2024 · Sensex, Nifty close at a seven-week high as HDFC Twins, Infosys, ICICI Bank lead. Meanwhile, as April marks the beginning of a new financial year, the government has … WebFeb 4, 2024 · The tax rebate under Section 87A has been hiked to taxable income level of Rs 7 lakh from Rs 5 ... the choir school
Income Tax Calculation FY 2024-23 Old Vs New Income Tax Slabs …
WebThe following table shows the rate slabs for the old tax regime. Annual Income (Rs.) Old Tax Rate Up to INR 2.5 Lakhs Nil INR 2.5 lakhs to INR 5 lakhs 5% INR 5 lakhs to INR 7.5 lakhs 20% INR 7.5 lakhs to INR 10 lakhs 20% INR 10 lakhs to INR. 12.5 lakhs 30% INR 12.5 lakhs to INR 15 lakhs 30% INR 15 lakhs and above 30% WebFeb 1, 2024 · What is the old tax slab? According to the old tax regime, if the total income of an individual is not more than Rs 2.5 lakh, the tax rate is nil. If the income falls in Rs 2.5 lakh-Rs 5 lakh bracket, 5 percent income tax is payable. WebApr 10, 2024 · But there are no changes in the surcharge; it will remain the same as the old one- 10% for Rs. 50 lakhs to Rs. 1 Crore, 15% for Rs. 1 Crore to Rs. 2 Crores, 25% for Rs. 2 Crores to Rs. 5 Crores and 37% for over and above Rs. 5 Crores. Let’s discuss how the new and old tax slab rates differ for each income group. the choir on hope street