2024-25 Tax Rates. The finance minister made changes in the income tax slabs under the new tax regime. For an individual below 60 years of age, the basic exemption limit is.
5% on income exceeding ₹3,00,000. This regime aims to streamline tax calculations, making it easier for those who don’t have many deductions to claim.
Tax Deduction At Source (Tds) Means Collecting Tax On Income In The Form Of Salary, Rent, Asset Sales, Dividends, Etc., By Requiring The Payer To Collect Income Tax Due On Such Income While Crediting/Paying To The Payee And Deposit The Same To The Government.
Income up to ₹2.5 lakh:
Increase The Threshold Above Which The 37 Per Cent Tax.
Income from ₹2.5 lakh to ₹5 lakh:
You Can Also See The Rates And Bands Without The Personal Allowance.
Images References :
It's Worth Noting That In Budget 2023, The Highest Surcharge Rate Of.
Explore the latest surcharge rates on income tax and learn about marginal relief options.
The Calculator Works For Most People’s Situations.
Also, the surcharge rate for aop with all members as a company, shall be capped at 15%.