WebThe next slab under the income tax regime is between Rs 7.5 lakh and up to Rs 10 lakh. Hence, out of Rs 11,00,000, the Rs 2.5 lakh (Rs 10 lakh minus Rs 7.5 lakh) will be taxed at 15%. The tax payable amount will be Rs 37,500. The balance income left which is still chargeable to tax is Rs 8,50,000 (Rs 11,00,000 minus Rs 2.5 lakh). WebFeb 4, 2024 · FM announced that the new income tax regime will be the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime. Among the key...
Old Or New: which tax regime should you use for an …
WebMar 22, 2024 · Now the income left for chargeable for tax is Rs 3,80,000. From point 6, the next Rs 2.5 lakh (Rs 15 lakh minus Rs 12.5 lakh) will be taxed at Rs 25%. The tax amount will be Rs 62,500 (25% of Rs 2,50,000). After this, the … WebFeb 3, 2024 · If you are weighing the options between the new tax and the old tax regime, then understand that the math significantly affects salaried individuals earning Rs 15 lakh. This is because the... how old can male dogs breed
Income Tax Calculator FY 2024-24 (New and Old Tax Regime)
WebCalculate your Income Tax for FY 2024-23 using Scripbox's Income Tax Calculator under the old and new tax regime at the latest tax slab rate. Search Login Investment. Wealth Plans ... Rs 15 lakh: 20%: Above Rs 15 lakh: 30%: Income Tax Rates for New and Old Regime AY 2024-23. Income range per annum: Tax Rate as per Old Regime: WebExemptions on Total Income Tax Section 87A – Income below Rs. 5 lakh is eligible for a tax rebate of up to Rs. 12,500. Section 80C – Rebate of up to Rs. 1.5 Lakh in any tax-saver fixed deposits, public provident funds, national savings certificate, unit-linked insurance plans, and equity-linked savings schemes on the interest income. WebFeb 3, 2024 · Income Tax Slab: According to Budget 2024 proposals, annual gross income of ₹ 15 lakh will lead to a tax liability of ₹ 1.95 lakh, but there's a catch: the assessee has to … mercedes north america headquarters