Web01. dec 2024. · Lower tax rates. The new tax regime has widened the scope of taxation with seven tax slab rates ranging from 0% to 30% with the highest tax rate applicable on income above INR 15 lakh. Contrary to the new regime, there were four tax slabs in the old regime from 0% to 30% with the maximum rate applicable on income above INR 10 lakh. Web1 day ago · Understanding the old and new tax regimes. The tax liability under the old tax regime was based on income slabs with a tax rate of 5% for income between 2.5 lakhs to 5 lakhs, and 15% for income between 5 lakhs to 7 lakhs. This was further reduced by a rebate available under section 87A, but only if the income was less than 5 lakhs.
Benefits of new income tax regime explained; 4 reasons you …
Web16. feb 2024. · Compare tax liability as per New vs Old Tax Regime. Explore. This table below gives a broad idea about the tax slab based on the income range applicable up to … WebMany taxpayers are confused between the old and new tax regimes. The new tax regime was introduced in Union Budget 2024. So, now individual taxpayers get to choose between the two regimes. New tax regimes offer lower slab rates but the taxpayer has to forgo most of the deductions and exemptions available under the old one. diamond group bristol
Opted for new income tax regime vs old? Don’t miss PPF, …
Web13. apr 2024. · Top reasons why you should hurry up and intimate your choice of the tax regime to the employer. 1. It is mandatory for employees to choose a tax regime option between the old and new regimes. As New Tax Regime has become the default option from FY 2024-24, not declaring your choice now will make the employer deduct TDS as … WebFrom a tax planning perspective, it is essential to choose the tax regime at the beginning of the financial year. A taxpayer must make a comparison of the income tax under the new … WebThe new tax regime has six tax slabs, with 0% tax for income up to 3 lakh and a tax rate that rises by 5 percentage points for each additional 3 lakh of income. Furthermore, the above tax rates apply to people with taxable income exceeding Rs. 7 lakh. circular saw storage rack