WebEach of its six tax slabs has a lower rate on income up to Rs. 15 lakhs.The various income slabs and tax rates restrict the availability of multiple exemptions and deductions.The … WebFeb 16, 2024 · Now, if the person’s tax breaks increase to Rs.3,00,000 then his taxable income under the old regime will come down to Rs.12,00,000 and the tax liability will be …

Difference Between New Tax Regime & Old Tax Regime

WebAug 17, 2024 · Income Tax Rate for FY 2024-22 & AY 2024-23 for Partnership Firm as per Old/ New Regime. A partnership firm including Limited Liability Partnership (LLP) is taxable at 30%. Plus, a surcharge of 12% of tax is applicable where the … Web1 day ago · New Tax Regime Vs Old Tax Regime: What Expert Says. Amit Gupta, Managing Director, SAG Infotech said, " For the fiscal year 2024–2024, the government will implement a new tax system that will adjust the income tax slabs. The new tax system also provides a basic deduction, a reduction in the surcharge on taxable income over Rs 5 crore, and no ... how to make a few bucks online

Old vs New Tax Regime - What Should You Opt for FY …

WebFeb 1, 2024 · Unlike the new tax regime, the old tax regime enables the taxpayer to enjoy deductions and exemptions on their tax liability under various sections of the income tax law. Old income tax slabs for individual aged below 60 years and HUF Old income tax slabs for individual aged between 60-80 years Old income tax slabs for individual aged over 80 … Web4 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 … WebFeb 2, 2024 · For the uninitiated, the six tax slabs under the revised New Tax regime have been slashed to five and are as follows: ... Old tax regime. Revised new tax. Income Tax after relief u/s 87A. 1,87,500. how to make a fever go down