Web1 day ago · Table on tax outgo under new tax regime and old tax regime. The government announced changes in income slabs and tax rate in the NTR. While tax slabs were redcued from seven to six, the 25 per cent tax rate applicable on income falling between Rs 12.5 lakh to Rs 15 lakh till last year was removed (see table for new tax slabs under NTR). WebThe new tax regime also offers a number of other benefits, including the standard deduction, no taxation on taxable income up to Rs. 7 lakh, a reduction in the surcharge on taxable incomes beyond ...
Tax regime change: Opted for new income tax regime vs old?
WebApr 10, 2024 · In addition, the maximum rate of surcharge is 25 per cent in the new tax regime, whereas the maximum surcharge rate under the old regime was 37 per cent. The … WebMar 30, 2024 · Starting, 1 April 2024, the new income tax regime will act as the default tax regime. Tax assessors will still be able to choose from the prior regime. Salaried and … jonathan woodyard dentist paducah ky
Old or New Tax Regime? 10 tips to choose which tax regime suits …
WebFeb 1, 2024 · In budget 2024, FM Sitharaman introduced a new tax regime, however, it remains optional for taxpayers. What Are Old & New Tax Regimes? Common Factors: Income up to Rs 2.5 lakhs per annum is exempt from taxation under both regimes, while income between Rs 2.5 to Rs 5 lakh per annum is taxed at the rate of 5 per cent. Web1 day ago · Finance Minister Nirmala Sitharaman announced a revised new income tax regime effective April 1, 2024, which will also from now on be the default tax regime. The new income tax regime has new ... WebFeb 1, 2024 · The tax rebate was available for taxable income up to Rs 5 lakh in new tax regime till FY 2024-23. Thus, individuals opting for the new income tax regime in FY 2024 … jonathan worboys