WebApr 7, 2024 · The new income tax regime for FY 2024-24 and assessment year 2024-25 has lower income tax rates and also different income tax slabs as compared to the old income tax regime. However, the new income tax regime comes with fewer income tax exemptions and deductions. For example, while standard deduction is available in both the new and … WebMar 8, 2024 · If your taxes under the old regime were Rs 65,000 assuming no deductions, in the new regime, your taxes on the same income reduce to Rs 39,000. But in the old regime, if you had claimed deductions of Rs 1.5 lakh, your taxes would be the lowest at Rs 33,800. Remember that Income tax deduction limits favor those in lower-income brackets.

New vs Old Income Tax Regime: Why Taxpayers Must Choose Regime …

WebJan 2, 2024 · The new tax regime is different from the old tax regime in three aspects. In the recent Budget, the finance minister has increased the number of slab rates to six. Consequently, the tax rates are now 0%, 5%, 10%, 15%, 20% and 30% in the six slabs. The exemptions and deductions in the Old Regime are not available in the New one. WebApr 4, 2024 · While you decide on what regime to choose, remember that there is no tax on income upto Rs 7lakh and less under the new regime. In addition, now a standard … irmi tenants improvements and betterments

Old income tax regime vs new income tax regime: Which one should you

WebFeb 1, 2024 · The revised income tax slabs of the new tax regime that was announced in Budget 2024 has shifted a break-even point between the old … WebThe new tax regime will save a large amount of tax for 12 lakhs income, if the individual does not make more tax-saving investments. The new tax regime will charge Rs. 93,600 only while with old tax regime he have to … Web12 rows · Feb 8, 2024 · Higher Tax Rebate Limit: Full tax rebate on an income up to ₹7 lakhs has been introduced. ... irmi severability of interest