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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).
Sep 9, 2023 · Understanding income tax rates is essential for financial planning, be it for an individual, a Hindu Undivided Family (HUF), a partnership firm, or a company. This article aims to provide a comprehensive guide on the income tax rates applicable for the Assessment Years 2023-24 and 2024-25.
Feb 4, 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. 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.
Jun 25, 2024 · Below is the table with the rates of surcharge on income tax for various type of taxpayers: Partnership Firms, LLPs: If the income during a specific assessment year is Rs.1 crore or more , surcharge on income tax is 12 percent. Co-opeartive Societies : Surcharge rate shall be flat 10%.
Sep 25, 2024 · Income Tax Slabs Rates for FY 2023-24. Check here for the latest Income Tax Slabs & details of different income tax regimes for tax slabs in India.
Feb 7, 2023 · This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for income liable to tax in the Financial ...
Feb 1, 2023 · Income tax slabs under the new tax regime have been reduced to five in FY 2023-24 from six. Further the basic exemption limit has been hiked to Rs.3 lakh from Rs.2.5 earlier under the new income tax regime. The amount of rebate under Section 87A has been enhanced under the new tax regime to taxable income of Rs 7 lakh.
May 20, 2024 · Let us explore the various Income Tax Slabs and their respective tax rates applicable for FY 23-24 (AY 24-25). It is important to note that from FY 23-24, the new tax regime under Section 115BAC has made default. An individual wishing to pay tax as per the slab rates in the old tax regime has to opt out of the default Section 115BAC now.
Mar 14, 2024 · If you are searching for information on the Income Tax slabs and rates applicable for the financial year (FY) 2023-24 or Assessment year (AY) 2024-25 in India, this article can assist you in discovering the Income Tax slab for FY 2023-24, as well as details on the old and new tax regime.
As per the Budget 2023 announcement, income tax slab rates FY 23-24 under old regime for individuals aged less than 60 years and new tax regime for every individual is as below: However, do keep in mind that a majority of tax saving investments including life insurance tax benefits cannot be claimed if one opts for the new tax regime.
