WebFeb 27, 2024 · Read: 3 mins. In Budget 2024, taxpayers have the option to switch between new and old tax regimes once in a financial year, but must carefully evaluate their tax liabilities before making a choice. The Indian government's latest Budget 2024 has been a topic of discussion among taxpayers, as it introduced a new tax regime that offers … WebFeb 3, 2024 · Ajay chooses the new regime for AY 2024-22. The new regime will be default setting for him in AY 2024-2024. If Ajay decides to opt back to the old regime for AY …
Budget 2024-24: Old Tax Regime And Existing New …
Web1 day ago · Contrary to the three tax slab rates of the old tax regime, the new tax regime is wider in scope with its five tax slab rates ranging from 5% to 30% with an exemption limit … WebOct 20, 2024 · Here are the various deductions available under the old tax regime: 1. Payments for life insurance premium, pension schemes, provident fund. Section 80C of … iphone 14 reviews reddit
Budget 2024 makes new tax regime default option but old tax …
WebFeb 2, 2024 · Income — FY24 Old Tax Regime — FY24 New Tax Regime. Rs 20 lakh — Rs 3,27,600 — Rs 2,95,600. This calculation has considered full deductions under Section 80C (Rs 1.5 lakh), 80D (Rs 75,000) and 80CCD (Rs 50,000). It does not include profession tax, which can be levied up to Rs 2,500 a year. This is a sample calculation of income … WebApr 11, 2024 · List of Deductions and Exemptions under Old Tax Regime. Investments under Section 80C up to Rs 1.5 lakh (Public Provident Fund, Equity Linked Savings Scheme (ELSS), Employee Provident Fund, Life ... WebApr 10, 2024 · The Indian government has introduced a new tax regime that offers lower tax rates and a simplified tax structure. However, experts suggest that taxpayers should carefully decide whether to opt for the new regime or stick to the old regime, as many deductions and exemptions are not available in the new regime. Until last year, only 5 … iphone 14 reviews and ratings