Tax Brackets 2024 India Old Regime

Tax Brackets 2024 India Old Regime. Resident individual taxpayers with a total income not exceeding rs 500,000 will be eligible for a tax rebate of rs 12,500 or the actual tax payable, whichever is lower. Under the old tax regime, the tax deduction is 30% while for the new tax regime it is 15%.

2.5 lakh under the old regime and rs. To sum it up, budget 2024 could see significant changes aimed at making the new income tax regime more attractive by increasing deductions and raising exemption limits, thereby providing greater relief and incentives for taxpayers to switch.

Under The Old Regime, A Tax Rebate Of Up To ₹12,500 Is Applicable If The Total Income Does Not Exceed ₹5,00,000 (This Rebate Is Not Applicable For Nris).

Thus, while the basic exemption limit is rs.

Under The Old Tax Regime, The Tax Deduction Is 30% While For The New Tax Regime It Is 15%.

The income tax new tax regime has done away with most deductions and exemptions that could be claimed under the old tax regime.