Income Tax Rates For Ay 2024-25 New Regime. Refer examples & tax slabs for easy calculation. Under section 115bac of the income tax act, the new tax regime offers simplified tax brackets and rates for individuals, hufs, aops, bois, and ajps, along with a full tax rebate for individuals with an annual income of up to โน7 lakhs.
The new tax regime has the same tax rates for all categories of individuals, with no increased basic exemption limit benefit available for senior and super senior citizens. The basic exemption limit depends on the age of an individual and status of an individual under the old tax regime.
New Income Tax Slabs And Tax Rates Under The Revised Tax Regime.
An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions.
Features Lower Tax Rates But Disallows Most Exemptions And Deductions.
7,00,000) can avail rebate under section 87a.
Check Out The Latest Income Tax Slabs And Rates As Per The New Tax Regime And Old Tax Regime.
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What Are The Income Tax Slab And Tax Rates Under The Revised New Tax Regime?
A resident individual (whose net income does not exceed rs.
The Latest Budget For 2023 Has Introduced Some Significant Changes To The Income Tax Slabs In The New Tax Regime, Aimed At Making It More Appealing To Individual Taxpayers.
Under section 115bac of the income tax act, the new tax regime offers simplified tax brackets and rates for individuals, hufs, aops, bois, and ajps, along with a full tax rebate for individuals with an annual income of up to โน7 lakhs.
Features Lower Tax Rates But Disallows Most Exemptions And Deductions.
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