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Changes in Tax Rates for New Regime u/s 115BAC of Income Tax Act

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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%
 
 
Author 1FIN by IndigoLearn
1FIN by IndigoLearn
23-Jul-2024
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