WebFeb 13, 2024 · The new tax regime is based on the 'lower tax rate but no deduction or exception' mantra. It does not allow 70 deductions and exemptions allowed under the old tax regime. What changes... WebFeb 22, 2024 · The new tax regime is different in two ways from the old one. Firstly, it has more slabs with lower tax rates. And secondly, all the major exemptions and deductions available to taxpayers in the existing (old) tax regime are not allowed if the new tax regime is chosen. “Hence, if the advantage of lower rates in the new tax regime outruns the ...

New and Old tax Regime slab Rates for FY 2024-24 & FY 2024-23

WebFeb 13, 2024 · The new tax regime is based on the 'lower tax rate but no deduction or exception' mantra. It does not allow 70 deductions and exemptions allowed under the old … Web2 days ago · Under the old tax regime, one may effectively lower their tax obligation by properly investing in tax-saving products and claiming exemptions. But under the new regime, the sole... fx506hcb-hn1138t

Old Tax Regime vs New Tax Regime 5paisa

WebFeb 15, 2024 · In Budget 2024, a tax rebate on an income up to ₹7 lakhs was introduced under the new tax regime. This means that taxpayers with an income of up to ₹7 lakhs will not have to pay any tax at all if they opt for the new tax regime. Also, Rs 50,000 standard deduction was introduced under the new tax regime. WebApr 12, 2024 · April marks the beginning of a new financial year, which is when usually new income tax laws come into effect. For the financial year 2024-24, the government has revised the income tax slabs under the new tax regime to make it more attractive in comparison to old tax regime.Further, many other benefits have also been brought under … WebFeb 22, 2024 · The new tax regime offers six tax slabs, with zero tax for income up to ₹3 lakh, and a tax rate rising by 5 percentage points for incremental income of ₹3 lakh each. … f x 4x+7 find f -3