Individuals, Senior citizens, and Super senior citizens. Please note that the tax rates in the New tax regime are the same for all categories of Individuals, i.e.Important Points to note if you select the new tax regime: Individuals with net taxable income less than or equal to Rs 5 lakh will be eligible for tax rebate u/s 87A under the old tax regime, i.e. senior citizens and super senior citizens, the Income-tax limit for availing the exemption would be Rs 3,00,000 & Rs 5,00,000, respectively. Please note that Rohit is an individual taxpayer assessee having an income tax exemption of Rs 2,50,000. Rohit wants to know his tax dues as per the old regime for FY 2023-24 (AY 2024-2025). Deductions under section 80 have also been reduced. This income has been calculated by including income from all sources, such as salary, rental income, and interest income. Illustration 1: Rohit has a total taxable income of Rs 8,00,000. How to Calculate Income Tax from Income Tax Slabs? After the due date, you have to mandatorily file under the new regime by giving up on most of the deductions and exemptions and all losses. For FY 2023-24, the default regime changed to the new tax regime, now if you want to file the return under the old tax regime by claiming all the deductions, exemptions, and losses, then you have to file within the due date.After the due date, you have to mandatorily file under the old regime only. For FY 2022-23, the default regime used to be the Old tax regime, if you wanted to go for the New tax regime, you were required to submit Form 10-IE.What are the Major Procedural Changes in Filing of Income Tax Return from FY 2022-23 to FY 2023-24? Income tax exemption limit is up to Rs 3,00,000 for Individuals, HUF opting for the new regime.* Tax rebate equivalent to an amount, tax payable is when the total income exceeds Rs 7,00,000. However, under the new t ax regime rebate is up to Rs.25000 is applicable if the total income does not exceed Rs 7,00,000. Surcharge and cess will be applicable over and above the tax rates.up to Rs 5,00,000 for super senior citizens aged above 80 years.up to Rs 3,00,000 for senior citizens aged above 60 years but less than 80 years.up to Rs 2,50,000 for Individuals, HUF below 60 years aged and NRIs.Let us take a look at all the slab rates applicable for FY 2023-24(AY 2024-25).įor Old Regime, a tax rebate up to Rs.12,500 is applicable if the total income does not exceed Rs 5,00,000 (not applicable for NRIs) These slab rates vary for different groups of taxpayers. The income tax slabs are revised periodically, typically during each budget. This type of taxation allows for a fair and progressive tax system in the country. As the person's income increases, the tax rates also increase. In India, the Income Tax applies to individuals based on a slab system, where different tax rates are assigned to different income ranges. Budget 2023: Full List of Cheaper and Costlier Items.Budget 2023 Highlights: PDF Download, Key Takeaways, Important Points.ITR U – What is ITR-U Form and How to File ITR-U.Income Tax Raid, Search and Seizure – What, When, How.UAN Login, Portal Registration, Universal Account Number Activation And Status Check.Which ITR Should I File? Types of ITR Forms for FY 2023-24 (AY 2024-25).How to file ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2022-23 (AY 2023-24).Budget 2024 Highlights: PDF Download, Key Takeaways, Important Points.Budget 2024 - Date, Time, When And Where To Live?.Budget 2024 Expectations: Here Are Our Top Expectations From Income Tax And GST.Section 80G - Donations Eligible Under Section 80G and 80GGA - 80G Exemption List.Which Is Better: Old vs New Tax Regime For Salaried Employees?.
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