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Changes in Tax Rates for New Regime u/s 115BAC of Income Tax Act
The finance budget of 2024 was presented on 23rd July 2024. There has been a lot of discussions on simplifying the tax regime.
- Finance Minister Nirmala Sitharaman has announced a hike in standard deduction from the current Rs 50,000 to Rs 75,000 under the new income tax regime.
- New Tax Rates applicable from PY 2024-25 /AY 2025-26 are given below
Income From Income To Tax Rate 0 3,00,000 0% 3,00,000 7,00,000 5% 7,00,000 10,00,000 10% 10,00,000 12,00,000 15% 12,00,000 15,00,000 20% 15,00,000 and above 30%
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