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28 Οκτ 2024 · Income tax in India follows a progressive slab rate system under the Income-tax Act, 1961 with old and new regimes offering different tax rates and deductions. For FY 2024-25, the tax slabs have been revised providing more opportunities to save on taxes.
25 Σεπ 2024 · What Are Income Tax Slabs? Indian taxpayers are bracketed into different income categories for easier and fairer taxation. For instance, an individual making ₹5,00,000 per annum should not have to pay the same tax as someone making ₹50,00,000 per annum.
The finance minister Nirmala Sitharaman has made changes in the income tax slabs under the new tax regime in Budget 2024. The new income tax slabs under the new tax regime have retrospectively come into effect from April 1, 2024 for the current financial year 2024-25.
Here's our latest guide on the new income tax slab for both old and new tax regimes for individuals below 60 years and senior citizens.
Calculate the tax on your income in India in a few simple steps through online income tax calculator. Also check tax slabs, tax regimes, and how to calculate tax with examples.
4 Φεβ 2023 · The number of income tax slabs has been reduced from six to five. The tax rebate under Section 87A hiked to taxable income level of Rs 7 lakh from Rs 5 lakh. The amount of tax rebate has doubled to Rs 25,000 from Rs 12,500. The highest surcharge rate reduced from 37% to 25% under the new tax regime.
In the new tax regime, no income tax is payable upto the total income of Rs. 7 lakh. 9) Is there any difference in tax rebate under section 87A in old and new tax regime?
