WebApr 10, 2024 · However, it also continued with the old tax regime (OTR). While the new tax regime (New TR 2.0) offers lower tax rates compared to the old tax regime, the taxpayer will have to forgo most tax deductions and exemptions (except for certain permissible items) that are available under the existing regime. WebFrom a tax planning perspective, it is essential to choose the tax regime at the beginning of the financial year. A taxpayer must make a comparison of the income tax under the new …
April Deadline: Choosing Between New and Old Income …
WebFeb 8, 2024 · However, the tax amount under the old regime comes to 8,98,500 rupees with additional 35,940 rupees in 4% education cess and under the new tax regime the tax amount comes to 8,85,000 rupees and the 4% education cess adds another 35,400 rupees to the total. So you see which tax regime is better for 40 lakhs. WebFeb 4, 2024 · Old regime (without deductions) Old regime (with deductions) New regime: Savings: Up to ₹13 lakh ₹ 2.11 lakh ₹1.48 lakh ₹1.43 lakh ₹5,200 : Up to ₹14 lakh ₹ 2.42 lakh ₹1.79 lakh ... chuck everett
How to Structure your Salary as per New Tax Regime?
WebApr 8, 2024 · The new financial year has begun and many smart investors are looking to plan their taxes right from the word go. When it comes to income tax return filing, the first thing which comes to mind is whether to opt for an old income tax regime or go for the new one, especially after the government has sweetened it in Budget 2024 by giving a few incentives. 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 total income > Rs.5 crore. *In Budget 2024, the highest surcharge rate of 37% has been reduced to 25% under the new tax regime. (applicable from April 1, 2024) Get Latest … WebFeb 8, 2024 · Introduced in Budget 2024, the new income-tax regime offers liberalized tax slabs with lower rates, but with fewer exemptions. The old, co-existing tax regime, is the one that offers... chuck evendens home repairs