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Let us take a look at all the slab rates applicable for FY 2023-24 (AY 2024-25) and FY 2024-25 (AY 2025-26). Old Tax Regime: For Old Regime, a tax rebate up to Rs.12,500 is applicable if the total income does not exceed Rs 5,00,000 (not applicable for NRIs). New Tax Regime: NOTE: In the case of old tax regime Income tax exemption limit is.
Apr 16, 2024 · Explore the exemptions and deductions allowed under the new tax regime for FY 2023-24 (AY 2024-25). Learn about the options available to taxpayers and make informed decisions to optimize tax efficiency.
Jan 11, 2024 · In Budget 2023, rebate under new regime has been increased to Rs. 7,00,000. Therefore, income upto Rs. 7,00,000 will be tax-free from FY 2023-24 (AY 2024-25). This is due to tax rebate under section of 87A of the Income Tax Act. A tax rebate reduces the tax amount.
May 12, 2024 · Dive into the differences between the old and new tax regimes for FY 2023-24 (AY 2024-25), exploring tax rates, deductions, exemptions, and how to choose the right regime for your financial situation.
Feb 4, 2023 · The Budget 2023 changed the income tax slabs under the new tax regime. The government hiked the basic income exemption limit from Rs 2.5 lakh to Rs 3 lakh under the new tax regime. Apart from this, the government increased the rebate eligibility ceiling through Section 87A under the new tax regime from Rs 5 lakh to Rs 7 lakh taxable income.
The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime for the assessees being Individual, HUF, AOP (not being co- operative societies), BOI or Artificial Juridical Person.
Feb 1, 2023 · The income tax slabs announced for new tax regime in Budget 2023 will come into effect from April 1,2023. The new tax rates under the new tax regime will be applicable for incomes earned between April 1, 2023 and March 31, 2024. Union Budget 2023: FM Sitharaman rejigs Income Tax slabs under new tax regime.
The Income and Tax Calculator service enables both registered and unregistered e-Filing users to calculate tax as per the provisions of Income Tax Act, Income-tax rules, Notifications etc. by providing inputs with respect to income (s) earned and deductions claimed as per the Act.
Feb 2, 2023 · Budget 2023 announced changes in the new tax regime and has revised the tax slabs under it to make it more lucrative for taxpayers. Here we have answered a few important questions regarding the revised new tax regime. What are the income tax slab and tax rates under the revised new tax regime?
The article discusses the confusion among taxpayers regarding the choice between old and new tax regimes introduced in Budget 2023 and 2024, the incentives provided for the new regime, tax rate comparisons, updates for FY 2024-25, deductions allowed under both regimes, and how to choose between them based on tax savings and existing exemptions.
