Basic Exemption Limit For Ay 2024-24. Under the old tax regime, the basic exemption limit remains unchanged at inr 2.5 lakh. Surcharge and cess are applicable as per rules.
The budget 2023 has hiked the basic exemption limit to rs 3 lakh from rs 2.5 lakh currently. Income tax slab rate bifurcation.
The Number Of Income Tax Slabs Has Been Reduced From Six To Five.
One of the key changes is the increase in the basic exemption limit, which has been raised from rs 2.5 lakh to rs 3 lakh.
The Section 87A Rebate In The New Tax Regime Now Applies To.
Further, the income tax slabs in the new tax.
Section 194P Of The Income Tax Act, 1961 Provides Conditions For Exempting Senior Citizens From Filing Income Tax Returns Aged 75 Years And Above.
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Will There Be Changes In New, Old Income Tax Regime?
3 lakhs and number of tax slabs have bene reduced to five as under:.
Under The Old Tax Regime, The Basic Exemption Limit Remains Unchanged At Inr 2.5 Lakh.
31 jan, 2024 | 04:36:19 pm ist.
