Web1 day 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 rebate under section 87A has been hiked to Rs 7 lakh from Rs 5 lakh under the new tax regime. The rebate benefit will be up to Rs 25,000, provided income doesn't exceed the limit of 7 lakh. WebThe special Income-tax rates applicable in case of domestic companies for assessment year 2024-23 and 2024-24 are as follows: ... The Finance Act, 2024 has inserted a new …

Union Budget 2024-22: Here are 10 income tax changes announced

Web7 rows · Feb 1, 2024 · The income tax slab rates under the new income tax regime will now be as follows: Rs 0 ... WebThe income tax slab system in India determines how much tax an individual must pay based on their taxable income. The government revises the income tax slabs on a regular basis … high school exchange programs italy

Income Tax Slab for FY 2024-24 & AY 2024-25 - Groww

Web1 day ago · This means that people with a taxable income of up to Rs 7 lakh are not required to pay any tax. However, if the taxable income is more than Rs 7 lakh, tax will have to be paid as per the applicable slabs under the new regime. The government also extended the benefit of standard deduction of Rs 50,000 to taxpayers under the NTR. Webunder section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 12,500, whichever is less. Non … WebJun 13, 2024 · The Finance Act, 2024 has inserted a new Section 115BAD in Income-tax Act to provide an option to the co-operative societies to get taxed at the rate of 22% plus 10% surcharge and 4% cess. The resident co-operative societies have an option to opt for taxation under newly Section 115BAD of the Act w.e.f. Assessment Year 2024-22. high school exams for college credits