Web20 hours ago · In addition, family pensioners opting for the new tax regime can claim a standard deduction of Rs 15,000 from their pension income. Soni highlighted that the … WebFeb 2, 2024 · Individuals with a taxable income not exceeding Rs 7 lakh will no longer be required to pay taxes under the revised new tax regime. Unlike in the old regime where individuals were required to make certain tax-saving investments such as PPF, EPF or NPS to bring down the taxable income, the new tax regime has no such options.
Which income tax regime should you choose for FY 2024-24?
WebNote: The calculation is shown excluding the CESS amount. 4. For income of INR 12.5 lakh, if you have the investment amount of INR 2,10,000 or more eligible for tax deduction, opt for Old Tax Regime.But, if your investment is less than that, go for New Tax Regime. For income of INR 15 lakh, if you have the investment amount of INR 2,50,000 or more eligible for tax … WebFeb 9, 2024 · In two ways, the new tax scheme differs from the previous one:-. 1. The number of tax slabs has expanded under the new system, with reduced rates in the range … thinq wealth consultancy \\u0026 services
Old vs New Tax Regime - What Should You Opt for FY 2024-23?
WebSep 9, 2024 · Tax payable under old Regime Rs. 1,17,000. Tax payable under New Regime Rs. 78,000. Going by the illustration above, if an individual wants to avail an exemption and deductions on his existing investments including interest on home loans upto the limit of Rs. 2 lakhs, its better go for an old tax regime or else the new tax regime will prove ... Web3.7 Section 7: Income Tax Calculation (Old Tax Slabs) 3.8 Section 9: Calculating Income Tax with New Tax Slab under new Regime; 4 How to Calculate Income Tax in India? 4.1 Step 1: Calculate Gross total income from salary: 4.2 Step 2: Tax Deductions; 4.3 Step 3: Other Income; 4.4 Step 4: Net Taxable Income; 4.5 Step 5: Calculating using Income ... WebFeb 1, 2024 · The Finance Minister of India Nirmala Sitharaman during the Union Budget 2024 announced the new tax slabs under the new tax regime. For those earning up to … thinqbetter ug