Income Tax Rates For Ay 2024-25 Old Regime. Income tax slabs are announced by the finance minister in the annual budget. The income tax exemption limit is up to ₹2,50,000 for individuals, hufs below 60 years of age, and nris.
Individuals with a net taxable income of up to ₹ 7 lakh will be eligible for tax rebate u/s 87a under the new tax regime. Under the new tax regime, the tax rates are significantly lower, though the benefit of various exemptions and deductions (other than standard deduction of rs.
Surcharge And Cess Are Applicable As Per Rules.
With an applicable surcharge rate of 10%, the.
This Article Focuses On The Tax Slab Rates, Surcharges, And Exemptions For Individual Taxpayers, Senior Citizens, Super Senior Citizens, The Association Of Persons (Aop), Body.
Click view comparison to get a more detailed comparison of tax under the old and new tax regime.
Tax Calculation Under The Old Tax Regime:
Images References :
Rebate Under Section 87A Increased To Taxable Income Of Rs 7 Lakh (Tax Rebate Of 25,000) From 5 Lakh (Tax Rebate Of Rs 12,500) Income Tax Slabs Under Old Tax Regime.
Tax calculation under the old tax regime:
It Will Continue To Have Three Income Tax Slabs.
Income up to ₹2.5 lakh:
How New Income Tax Regime Differs From Old Tax Regime Now.