Rebate Under New Tax Regime 2024-24. The new tax regime has lower tax rates, a higher rebate slab of rs. Fm sitharaman brought many changes for the middle class in the last budget, which included an increase in the rebate limit for personal income tax under the new tax.
The highest surcharge rate of 37% was earlier applicable if total taxable income exceeded rs 5 crore under new tax regime. New tax regime vs old tax.
Income Tax Tax Financial Lessons.
The rebate under section 87a has been doubled to โน25,000 for qualifying individuals.
Individuals With Income Up To Rs.
The marginal tax relief in the new tax regime helps those whose income marginally exceeds rs 7.5 lakh pay much less in.
Marginal Relief In New Tax Regime.
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25,000 Is Allowed Under Section 87A, If The Total Income Of A Resident Individual, Who Is Opting For The New Tax Scheme Under Section 115Bac(1A), Is Up To Rs.