WebFeb 23, 2024 · The new tax regime has rationalized the scope of taxation with five tax slab rates ranging from 0% to 30% with the income till INR 3 lakh exempt from tax and the … WebFeb 4, 2024 · Tax saving investments for individuals under old tax regime. Based on an exclusive interview with Dr. Suresh Surana, Founder, RSM India, the spokesperson said in accordance with the provisions of ...

Income Tax: How to choose between the old and new tax regime …

WebTax-saving deductions available under sections 80C to 80U of the Income Tax Act, 1961 must be filled out under the old tax regime. ... Section 57(iia) was introduced under the new tax regime for claiming deductions related to income from family pensions. Now, you can claim a deduction of the one-third amount or 15,000, whichever is less. WebFeb 1, 2024 · Here's a comparison of tax saving at different income levels under the new and old income tax regimes for salaried individuals. a) Section 80C benefit of Rs 1.5 lakh was taken in the old tax regime. b) Standard deduction benefit of Rs 50,000 is taken in the old … spano paving \u0026 contracting ltd

income tax regime: New vs old income tax regime: Why you need …

WebApr 9, 2024 · Further, since the highest tax surcharge rate under the new tax regime has been reduced from 37% to 25% for individuals with total income exceeding Rs. 5 crores, thus bringing the effective tax ... WebApr 11, 2024 · However, except for standard deduction, none of the above tax saving benefits is available under New Tax Regime for FY 2024-24. Though the new regime is simple, the low tax rates under this regime ... WebApr 12, 2024 · April marks the beginning of a new financial year, which is when usually new income tax laws come into effect. For the financial year 2024-24, the government has revised the income tax slabs under the new tax regime to make it more attractive in comparison to old tax regime.Further, many other benefits have also been brought under … spano paving \\u0026 contracting ltd