WebAdvisory: Information relates to the law prevailing in the year of publication/ as indicated .Viewers are advised to ascertain the correct position/prevailing law before relying upon … Web2 days ago · Understanding the old and new tax regimes. The tax liability under the old tax regime was based on income slabs with a tax rate of 5% for income between 2.5 lakhs to 5 lakhs, and 15% for income between 5 lakhs to 7 lakhs. This was further reduced by a rebate available under section 87A, but only if the income was less than 5 lakhs.
Old Tax Regime Vs. New Tax Regime: Which Is Better In 2024?
WebApr 12, 2024 · April marks the beginning of a new financial year, which is when usually new income tax laws come into effect. For the financial year 2024-24, the government has revised the income tax slabs under the new tax regime to make it more attractive in comparison to old tax regime.Further, many other benefits have also been brought under … WebApr 11, 2024 · List of Deductions and Exemptions under Old Tax Regime. Investments under Section 80C up to Rs 1.5 lakh (Public Provident Fund, Equity Linked Savings Scheme (ELSS), Employee Provident Fund, Life ... greece invading persia
Old Tax Slab vs New Tax Slab for FY 2024-21: All you Need to Know
WebApr 18, 2024 · Existing Tax Regime • There are three categories of Individual Taxpayers: Individuals below the age of 60 years, which includes residents as well as non-residents. Resident senior citizens (60 years and above but below the age of 80 years). Resident super senior citizens (above 80 years of age). WebApr 4, 2024 · Last but not least if you do not have any tax-saving investments or expenditures, then a new tax scheme is likely to be better to cash in on the low tax rates. Published on: Apr 04, 2024, 4:32 PM IST WebApr 12, 2024 · The deduction under the new tax regime for gratuity in a lifetime is Rs 20 lakhs for non-government employees. If taxpayers have opted for voluntary retirement, then monetary benefits are eligible for tax exemption. The maximum limit is up to Rs 5 lakh in both the current and the new tax structure. Taxpayers who have opted for leave … greece in usa