Income Tax Slab For Fy 2024-25 New Regime. In the new income tax regime, the rebate eligibility threshold is set at rs 7,00,000, allowing taxpayers to claim a rebate of up to rs 25,000. 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.
This article summarizes income tax rates, surcharge, health & education cess, special rates, and rebate/relief applicable to various categories of persons viz. Be it the old tax regime slabs or the new ones, the income tax slabs of india embody a mechanism through which individual taxpayers in india pay their income tax, based on the slab.
Under The New Tax Regime, Taxpayers With A Net Taxable Income Of Up To Rs 7,00,000 Are Eligible For A Rebate Of Up To Rs 25,000.
An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions.
This Means That Taxpayers Can Avail.
10% of income tax if total income exceeds โน50 lakh but does not exceed โน1 crore.
Income Tax Slab For Fy 2024-25 New Regime Images References :
The New Tax Slab Would Be The Default Tax Slab.
This means that taxpayers can avail.
Be It The Old Tax Regime Slabs Or The New Ones, The Income Tax Slabs Of India Embody A Mechanism Through Which Individual Taxpayers In India Pay Their Income Tax, Based On The Slab.
Additionally, the threshold for the 5% tax rate was raised from rs.