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4 days ago · Latest Income Tax Slab & Tax Rates in India for FY 2023-24 (AY 2024-25): Check out the latest income tax slabs and rates as per the New tax regime and Old tax regime.
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.
Feb 4, 2023 · The changes announced in the income tax slabs under the new tax regime is applicable for incomes earned in current the FY 2023-24, starting from April 1, 2023. Know what are the new income tax slabs under the new tax regime from FY 2023-24 and how they are different from existing ones.
- Preeti Motiani
The article discusses frequently asked questions about the new tax regime 2024, including tax slab rates, deductions, and changes in standard deductions and surcharges. It also covers information on income tax slabs, surcharge rates, exemption on leave encashment, and comparisons between the old and new tax regimes.
Feb 2, 2023 · For financial year 2023-24, which starts on April 1, 2023, the changes announced in the new tax regime are as follows: Under the new income regime, the basic exemption amount has been increased from Rs 2.5 lakh to Rs 3 lakh. The new tax structure becomes the taxpayers' default option.
- As per Budget 2023, the income tax slabs under the new income tax regime will now be as follows:(effective April 1, 2023). Table Rs 0 to Rs 3 lakh...
- Budget 2023 has hiked the basic exemption limit to Rs 3 lakh from Rs 2.5 lakh under the new tax regime, this will save you Rs 2500.
- The highest surcharge rate, which formerly applied to people with incomes beyond Rs 5 crore, was 37%; it has since been reduced to 25%. As a result...
- For FY 2023–2024, no changes have been made to the old tax system. For FY 2023–24, the income tax rates and slabs under the old tax regime remain i...
- Depending on the taxpayer's age, the old tax regime offered different basic income exemption levels. The basic income exemption cap is Rs 2.5 lakh...
- From FY 2023-24, the new tax regime will be the default option. Every fiscal year, an individual or Hindu Undivided Family (HUF) must select betwee...
- The amount of the Section 87A rebate available under both income tax regimes has also been changed. Under the old tax regime, a maximum Rs 12,500 r...
- If a salaried individual does not specify that he or she prefers the old tax regime, their employer will deduct taxes on salary income based on the...
- Under the revised new tax regime, the individual will forego 70 deductions and tax exemptions, which includes HRA tax exemption, LTA tax exemption,...
Sep 14, 2023 · Furthermore, the new income tax slabs and the rate changes will apply to incomes earned during FY 2023-24, starting from April 1, 2023. The income tax slab rates for the financial year 2023-24 (the assessment year 2024-25) have been proposed in Budget 2023. The following table summarizes the tax rates applicable to various categories of persons:
Income Tax Calculator - How to calculate Income taxes online? for FY 2023-24 (AY 2024-25) and FY 2024-25 (AY 2025-26) with ClearTax Income Tax Calculator. Refer examples and tax slabs for easy calculation.
