New Tax Rules from April 1, 2024: Key Changes

 SjhaNew Tax Rules from April 1, 2024: Key Changes

With the start of the new fiscal year (FY 2024-25), several noteworthy changes in income tax rules will be implemented. Let’s delve into the key modifications:

  1. Income Tax Slabs:

    • The revised tax slab applies to the new tax regime. Here are the updated tax rates:
      • Income up to ₹3,00,000: 0%
      • ₹3,00,001 to ₹6,00,000: 5%
      • ₹6,00,001 to ₹9,00,000: 10%
      • ₹9,00,001 to ₹12,00,000: 15%
      • ₹12,00,001 to ₹15,00,000: 20%
      • Above ₹15,00,000: 30%1.
  2. Advantages of the New Tax Regime:

  3. Rebate Limit:

In summary, these changes aim to simplify tax planning, enhance exemptions, and provide relief to taxpayers. Remember that the highest tax rate remains at 30% for income exceeding ₹15 lakhs1.


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