As the brand new monetary yr (FY2024-25) begins on April 1, there shall be changes to India’s revenue tax rules. With the graduation of the brand new monetary yr, the changes proposed by the Union Budget can even come into effect relevant. The changes purpose to simplify the method of tax planning whereas offering aid to the taxpayers. The Centre will implement the New Tax Regime because the default setting, which suggests that except people manually select to abide by the outdated tax construction, taxes shall be robotically assessed and utilized in accordance to this new system.
The tax slabs shall be as follows
- Up to Rs 3 lakh – 0 per cent
- Rs 3 lakh to Rs 6 lakh – 5 per cent
- Rs 6 lakh to Rs 9 lakh – 10 per cent
- Rs 9 lakh to Rs 12 lakh – 15 per cent
- Rs 12 lakh to Rs 15 lakh – 20 per cent
- Above Rs 15 lakh – 30 per centÂ
An ordinary deduction of Rs 50,000, earlier accessible on the outdated tax regime has now been integrated into the brand new regime. Thus, decreasing the taxable revenue underneath the brand new regime. Taxpayers will not be required to keep a observe report of journey tickets and hire receipts. The primary exemption restrict has been elevated from Rs 2.5 lakh to 3 lakh, thus making the novel tax regime extra interesting to the general public.Â
The surcharge charge for people with revenue of greater than Rs 5 Crore has been decreased from 37 per cent to 25 per cent. Although, this may solely be relevant underneath the brand new tax regime. Meanwhile, maturity proceeds from life insurance coverage insurance policies, that are issued on or after April 1, 2023 the place the full premium exceeds ₹5 lakh, shall be topic to taxation. The go away encashment tax exemption restrict for non-government workers was ₹3 lakh nevertheless it has now been elevated to ₹25 lakh.
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