WebFeb 1, 2024 · The old tax regime has three slabs with a rate of 5%, 20% and 30%, respectively, where the Rs 5 to 10 lakh slab has 20%, and the highest tax slab starts after Rs 10 lakh. But this is applicable after deductions, so it’s important what all you claim. WebMar 9, 2024 · Income Tax slabs & Rates as Per Old Regime FY 2024 - 23. Given below are the three tables ...
Difference Between Old vs New Tax Regime - Learn by Quicko
WebNov 7, 2024 · As mentioned above, with new income tax slabs being announced every year, there are currently two different types of slab systems in the country – the old income tax slabs and the new tax … WebJan 31, 2024 · 20%. ₹12,50,001 - ₹15,00,000. 25%. Above ₹15,00,000. 30%. In the new income tax regime introduced by Finance Minister Nirmala Sitharaman, the number of income tax slabs has increased, along with lower tax rates. The new tax regime also offers a basic exemption for income of up to ₹2,50,000. While the lower tax rates may seem … trucks for sale in baton rouge la
Income Tax Slab for AY 2024-22 Everything You Need to Know
WebAnswer (1 of 5): In Budget 2024, the finance minister introduced a ‘New tax regime’ with more tax slabs and lower tax rates. Now, you have two options to select from: 1. Old Tax Regime 2. New Tax Regime Here is a comparison between the old and new tax slabs: However, the new tax regime has come... 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. WebMar 28, 2024 · The basic exemption limit given in the income tax slab under new and old regime remains the same. However, in the Budget 2024, the Government announced a one time relief for middle class tax payers. The tax rebate of Rs 12,500 is available under section 87A to individuals with taxable income below Rs 5 lakhs. Note that the tax rebate … trucks for sale in athens ga