5 days ago · Revised New Tax Regime: Key Changes and Their Impact. The Union Budget 2024 has introduced significant updates to the income tax regime, aimed at simplifying the tax structure and providing relief to taxpayers. The revised income tax slabs bring expanded thresholds for certain categories, ensuring more taxpayers benefit from lower rates.

18 hours ago · The budget has offered a bonanza to taxpayers who opt for the new tax regime by offering full tax exemption to those earning up to ₹12 lakh a year, raising the basic exemption limit to ₹4 lakh and widening the tax slabs. It has also introduced an additional 25% tax slab for incomes ranging between ₹20 lakh and ₹24 lakh.

1 day ago · Government proposes changes in income tax slabs and rates across the board. PTI What is the standard deduction in the old tax regime? A standard deduction of Rs 50,000 is available in old regime. How much income of Rs 12 lakh a year be taxed? Any individual earlier was required to pay a tax of Rs 80,000 (in the new regime) for an income of Rs ...

The new tax regime is a simplified tax structure introduced in Budget 2020, under which taxpayers can pay lower taxes but have to forego maximum deductions and exemptions. The new tax regime has lower tax rates than the old regime but eliminates the tax benefits of various investments and expenses.

20 hours ago · The new tax regime proposed in Budget – with a tax rebate of Rs 60,000 on income up to Rs 12 lakh (and Rs 12.75 lakh for salaried people) – leaves the old tax regime, with three slabs of 5% ...

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.

New Tax Regime 2024: Check out here all the frequently asked questions about the new income tax regime for FY 2024-25 slabs, calculator, and deductions for salaried employees. Latest Budget brought in many surprising changes to the new tax regime.

Jun 25, 2024 · Taxpayers can now choose to pay income tax at lower rates under the new tax regime slabs on the condition that they withdraw from being considered for specific exemptions and deductions...

1 day ago · This comes as a huge relief for all those earning between Rs 7 lakh and Rs 12 lakh. While an individual earning Rs 12 lakh per annum had an annual tax liability of Rs 80,000, she will have to pay no income tax in the financial year 2025-26. New Tax Regime Income tax slabs. Rs 12 lakh taxable income is same as Rs 12.71 lakh

1 day ago · The new tax regime, which was brought in the year 2020, offers slightly lower rates but doesn't allow for exemptions. ... Screengrab/Budget Document/Govt of India. Income Tax slabs: Union Budget 2024.