Tax Slab Rates For Ay 2024-25. To compute the surcharge, begin by determining the income tax, which equals 30% of the taxable income, totaling rs. Shall be taxable @special rates.) * new tax rates are default and optional.
The new tax regime introduced in budget 2023 offers lower tax rates but does not allow most of the deductions and exemptions available under the old tax regime. The highest surcharge rate has been reduced from 37% to 25% under the new tax regime.
Income More Than 12 Lakhs Up To 15 Lakhs.
(income u/s 111a, 112, 112a etc.
₹ 1,50,000 + 30% Above ₹ 15,00,000.
This regime aims to streamline tax calculations, making it easier for those who don’t have many deductions to claim.
Refer Examples &Amp; Tax Slabs For Easy Calculation.
Images References :
The Finance Minister Made Changes In The Income Tax Slabs Under The New Tax Regime.
With an applicable surcharge rate of.
15% Of Income Tax If.
Also, the surcharge rate for aop with all members as a company, shall be capped at 15%.
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