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The following tables show the Revised Income Tax Slabs, not the old tax regime.
| Tax Slab | Income Tax Rates |
| Up to Rs. 3,00,000 | Nil |
| Rs. 300,001 to Rs. 6,00,000 | 5% (Tax Rebate u/s 87A) |
| Rs. 6,00,001 to Rs. 900,000 | 10% (Tax Rebate u/s 87A up to Rs 7 lakh) |
| Rs. 9,00,001 to Rs. 12,00,000 | 15% |
| Rs. 12,00,001 to Rs. 1500,000 | 20% |
| Above Rs. 15,00,000 | 30% |
| Tax Slab | Income Tax Rates |
| Rs. 3,00,000 | Nil |
| Rs. 3,00,000 - Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Rs. 10,00,001 and Above | 30% |
Below Tax Slab detail for the Senior citizen-
| Tax Slab | Income Tax Rates |
| Rs. 0 - Rs. 5,00,000 | Nil |
| Rs. 5,00,001 - Rs. 10,00,000 | 20% |
| Rs 10,00,001 and more | 30% |
- Some Exemptions and Concessions for Startups - Extension of tax benefits for sovereign wealth funds and startups until March 2025.
- Focus on the welfare of the poor, women, farmers, and youth.
- Surcharge on High Income: A surcharge is applied when income exceeds certain thresholds, with the rates being:
- Taxpayer Service - Withdrawal of direct tax demands up to ₹25,000 for the period up to 2009-10 and ₹10,000 for the period up to 2014-15, benefiting 1 crore people
- Some Exemptions and Concessions for Startups - Extension of tax benefits for sovereign wealth funds and startups until March 2025
- This scheme aligns with the Prime Minister's vision, on the historic day of the consecration of Ram Mandir in Ayodhya
- Uniform Tax Rates: The New tax regime offers the same tax rates for all individual categories, including regular individuals, senior citizens, and super senior citizens.
- Tax Rebate for Low-Income Individuals: Individuals with a net taxable income of up to Rs 5 lakh qualify for a tax rebate under section 87A, resulting in zero tax liability under both the New and the Old tax regimes.
- Rebate in Budget 2024: For the current financial year 2024, there have been no amendments to the enhanced rebate introduced in Budget 2023. As per the updated provisions, incomes up to Rs 7 lakh remain exempt from tax under the New regime, effective from FY 2023-24.
Looking for expert assistance with your Income Tax Returns and Legal Services? Look no further than our professional team! For more information or to get started today, please don't hesitate to contact us. We're here to help you every step of the way!
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