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5 days ago · Income Tax Slabs for New Tax Regime (Revised) – FY 2024-25. The Budget 2024 has revised the tax slabs in the New Regime, providing taxpayers with an extra opportunity to save Rs. 17,500 in taxes. Additionally, the standard deduction has been raised to Rs. 75,000 under this regime and the family pension deduction has been increased to Rs ...
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.
Budget 2024 has increased the standard deduction limit under the new tax regime from ₹ 50,000 to ₹ 75,000 for the AY 2025-26 (FY 2024-25). However, taxpayer has to keep in mind that for the AY 2024-25 standard deduction for salaried individuals will remain ₹ 50,000.
Please note that new tax regime is default regime for AY 2024-25. Any actions in any previous years with respect to choice of regimes will not be applicable from AY 2024-25.
5 days ago · Revised income tax slabs for FY 2024-25 – Under new regime: Income for FY 2024-25: Income tax rates: Income up to ₹3,00,000: Nil ₹3,00,001 – ₹ 700,000: 5% on income above ₹ 3,00,000 ₹7,00,001 – ₹10,00,000 ... Key exemptions/deductions available under new regime along with changes (if any) as per Budget 2024: In case of salaried Individuals, the standard deduction limit has been enhanced to ₹75,000 from ₹50,000. ...
Tax Slabs for AY 2024-25. 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 assessee being an Individual, HUF, AOP (not being co-operative societies), BOI and Artificial Juridical Person.
Jul 23, 2024 · According to an analysis by Ernst & Young (EY), individuals will be exempt from paying taxes on income up to Rs 7.75 lakhs. For those earning up to Rs 10 lakhs annually, the potential saving is Rs 10,000 before cess is applied, with the total benefit expected to increase once cess is factored in.
Oct 14, 2024 · The Budget 2020 introduced Section 115BAC - a new tax regime with lower tax rate with fewer exemptions and deductions. It was further amended in the Budget 2023, changing the slab rates and the new regime was made the default regime from FY 2023-24.
Jul 25, 2024 · What is the New Tax Regime for FY 2023-24 and AY 2024-2025? Under the new income tax regime, there’s no tax if your annual income is up to Rs 7.5 lakh. There is even a marginal relief for income from Rs 7.5 lakh to Rs 7.78 lakh. So, for this income range, the tax will be the amount exceeding Rs 7.5 lakh, not the amount as per the tax slabs.
Jun 8, 2024 · New Tax Regime Exemption List (FY 2024-25) The following deductions under New Tax Regime are still available for tax payers: The Standard Deduction of Rs 50,000 for salaried individuals and pensioners. The deduction for employer’s contribution made towards employee’s NPS account under Section 80CCD (2).
