Exemptions Under New Tax Regime 2024-24. The basic exemption limit has been elevated from ₹2.5 lakhs to ₹3 lakhs. From 0 to rs 2,50,000:
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. Taxpayers who opt for the concessional rates under the new tax regime must relinquish a range of exemptions and deductions previously available under the.
Expansion Of Income Brackets For Lower Tax Rates Of 5%, 10%, 15%, And 20%.
As per the union budget 2023, a few key changes have been introduced under the new tax regime.
Will There Be Changes In New, Old Income Tax Regime?
Basic exemption limit increased from rs.
The Basic Exemption Limit Has Been Elevated From ₹2.5 Lakhs To ₹3 Lakhs.
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The New Tax Regime Will Become The Default Tax Regime From This F.y.;.
The basic exemption limit has been elevated from ₹2.5 lakhs to ₹3 lakhs.
31 Jan, 2024 | 04:36:19 Pm Ist.
This makes the novel tax regime more appealing.
Additional Health And Education Cess At The Rate Of 4 % Will Be Added To The Income Tax Liability In All Cases.