2024 Tax Rates And Deductions Allowed. 2) increasing the threshold for income taxable at 30 per cent from rs 15 lakh to rs 25 lakh. ₹ 1,50,000 + 30% above ₹ 15,00,000.
Old tax regime slabs for individuals over 80 years. Salaried taxpayers have the flexibility to switch between the new and regular tax regimes from.
Further, Reduce The Tax Deducted At Source, Or Collected At Source.
Cess at 4% will be levied on the income tax amount payable.
Section 87A States That If The Total Income (After Deduction) Of An Individual Does Not Exceed ₹7,00,000 Than The Individual Can Claim Tax Rebate Upto ₹25,000.
Earlier the standard deduction of rs.
2024 Tax Rates And Deductions Allowed Images References :
Education Cess Is Applicable @ 4% On Income Tax 2.
And if the total income (after deduction) is ₹7,00,001 or more than tax calculation will be from ₹3,00,000.
Additional Deduction Of Up To Rs 50,000 Under Section 80Ccd (1B) Of The Income Tax Act, Exclusively Available Through Nps Investment.
Section 87a states that if the total income (after deduction) of an individual does not exceed ₹7,00,000 than the individual can claim tax rebate upto ₹25,000.