WebFeb 1, 2024 · An annual income of Rs 9 lakh will incur tax of only Rs 45,000. For income up to Rs 3 lakh, no tax. For Rs 3-6 lakh, 5 percent tax will be levied. Highest tax rate of 30 percent will be applicable above Rs 15 lakh under the new Income Tax regime. FM Sitharaman had introduced the new tax regime in Budget 2024-22. WebFeb 1, 2024 · The new income tax slabs under the new tax regime are. Rs 0-3 lakh: Nil. Rs 3-6 lakh: 5 per cent. Rs 6-9 lakh: 10 per cent. Rs 9-12 lakh: 15 per cent. Rs 12-15 lakh: 20 per cent. Over Rs 15 lakh: 30 per cent. The move is aimed at incentivising people to shift to the new tax regime, which has not seen much traction since launch in FY21. What is ...
Income Tax Slabs in India for FY 2024-24 - Bajaj Allianz Life
Web1 day ago · Tax rate- 2%. Threshold- Exceed Rs 1 Crore . However, the case of Non-filers who has not filed Income tax return for all the 3 assessment years , tax shall be deducted @ 2% (for sum exceeding Rs. 20 lakhs to Rs. 1 Crore) @ 5% (for sum exceeding Rs. 1 crore) Threshold applicable for Co-operative Society WebIncome Tax Rates and Slabs 2024 (Assessment Year 2024-24): The Income Tax rates and slabs that were applicable in AY 2024-23 are expected to remain the same in the New Year (AY 2024-24). how do you set out a letter
New Income Tax Slab Rates FY 2024-24 (AY 2024-25)
WebJan 2, 2024 · In India, tax is levied on taxable income at the rates prescribed in the Income Tax Act. The tax rates vary based on the taxpayer’s income slab and the type of income. Income Tax Slab Rates AY 2024-24 for Citizens Below 60 Years The income tax slabs and rates for senior citizens (individuals above the age of 60 but below the age of 80) WebFeb 7, 2024 · New Income Tax Slabs FY 2024-24 (AY 2024-25) / FY 2024-23 (AY 2024-24) – New Tax Rates for FY 2024-23/ FY 2024-22 ... HUF, partnership firms , LLPs and Corporates as per the Income tax Act of India. In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit (known as basic exemption ... Web5 hours ago · 10% of income tax if total income > Rs.50 lakh. 15% of income tax if total income > Rs.1 crore. 25% of income tax if total income > Rs.2 crore. 37% of income tax if … how do you set it up