WebFeb 1, 2024 · New income tax slabs have become the default tax regime post Budget. FM said, we are also making the new income tax regime as the default tax regime. However, citizens will continue... Web12 rows · Feb 8, 2024 · If you have an income of Rs 10 lakhs, the old tax regime will benefit you only if you have ...

Tax regime change: Opted for new income tax regime vs old?

WebFeb 8, 2024 · People who were earning above 30 lakhs earlier were subject to a 30% tax and the new tax regime has changed that percentage by 0. However, with deductions and exemptions out of the picture, the scenario does change. An income of 30 lakhs was eligible for exemptions/deductions of up to 4,25,000 rupees which left us with a taxable amount … WebApr 8, 2024 · “The new income tax regime is the default regime now, but taxpayers can opt for the old regime as well. From April 1, 2024, anyone earning up to Rs 7.5 lakh (With the standard deduction of Rs 50,000) does not need to pay any income tax,” Adhil Shetty, Chief Executive Officer (CEO) of Bankbazaar.com said. laminate sheet for furniture

New Vs Old Tax Slabs FY 2024-24: Which is Better

Web1 day ago · New Income Tax Slab: For people with an annual income of up to Rs 7 lakh, there will be no tax under the new tax system. The basic exemption level has been raised to 3 … 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 … WebJan 31, 2024 · A look at existing income tax slab vs new income tax slab . 1) Income up to Rs2.5 is exempt from taxation under both regimes. 2) Income between Rs2.5 to Rs5 lakh is taxed at the rate of 5 per cent under the old as well as the new tax regime. 3) Personal income from Rs5 lakh to Rs 7.5 lakh is taxed at a rate of 10 per cent under the new regime help fixmytoys.com