New Regime Tax Slab 2024-24. Nil from rs 2,50,001 to rs. Budget feb 1, 2023 (income tax slab updates) 1) income tax exemption limit increased from rs 2.5 lakh to rs 3 lakh.
Get all latest income tax news, act, article, notification, circulars, instructions, slab on taxguru.in. Expansion of income brackets for lower tax rates of 5%, 10%, 15%, and 20%.
The Basic Exemption Limit Hiked To Rs 3 Lakh From Rs 2.5 Lakh Under The New Income Regime, New Tax Regime Is Now The Default Option For Taxpayers.
Recently, in budget 2023, the government has reduced the slab rates for taxpayers and extended the standard deduction benefit to salaried individuals and pensioners in the new tax regime.
2) Income Between ₹ 2.5 To ₹ 5 Lakh Is Taxed At 5 Per Cent Under The Old Tax Regime.
The highest tax rate remains unchanged at 30% for income above inr 15 lakh.
New Regime Tax Slab 2024-24 Images References :
You Can Even Get Your Tax Computation On Your Mail.
The basic exemption limit hiked to rs 3 lakh from rs 2.5 lakh under the new income regime, new tax regime is now the default option for taxpayers.
Also, The Highest Tax Rate Of 30% Will Be Levied Above Rs 15 Lakh Income.
1) income up to ₹ 2.5 is exempt from taxation under the old tax regime.