WebFeb 3, 2024 · The new tax regime announced by the FM, prima facie seems to have reduced the burden on taxpayers but it is advisable to take an informed decision. While the standard deduction remains at ₹ 50,000, it is important to assess the new tax regime carefully before you decide which tax regime to adopt. 0 to ₹ 3 lakh - Nil. ₹ 3 to 6 lakh – 5 ... Web1 day ago · A person who chooses the new tax regime for the fiscal years 2024–24 is entitled to a standard deduction of Rs 50,000. Pensioners with dependents who choose the new tax regime are qualified to claim a standard deduction of Rs. 15,000. 4. Up to Rs. 7 lakh in income is tax-free
If I choose the new tax regime can I switch back to the old regime?
WebApr 8, 2024 · The new financial year has begun and many smart investors are looking to plan their taxes right from the word go. When it comes to income tax return filing, the first thing which comes to mind is whether to opt for an old income tax regime or go for the new one, especially after the government has sweetened it in Budget 2024 by giving a few incentives. WebDec 1, 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. Contrary to the new regime, there were four tax slabs in the old regime from 0% to 30% with the maximum rate applicable on income above INR 10 lakh. tepak tilu
Old Vs New Tax Regime: Which One To Choose In 2024?
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 … WebDec 20, 2024 · Old vs New: A Comparison For Different Slabs Taxpayers with annual income between RS.5 lakhs to Rs.10 lakhs are taxed at 20%, under the old regime. And in the new regime, they will be taxed at half that rate i.e. 10%. Also, those with an annual income of Rs.7.5 lakhs to Rs.10 lakhs will have to pay a 15% income tax. WebApr 12, 2024 · 30%. Here are some of the key takeaways from the new tax regime. Let us understand the difference between old and new tax regime and the old tax regime and … tepalai 0w30