WebFeb 9, 2024 · Total Tax Payable as per Old Regime Total Tax Payable as per New Regime (FY 23-24 & AY 24-25) So, you can see here the new tax regime turns out to be better. … WebFeb 13, 2024 · Which of the two regimes is better? The answer is: It depends. While the changes announced in the Budget definitely make the new tax regime more attractive than its previous avatar, it may...

Which Tax regime better for salaried Person for FY 2024-24

WebAs a result, the tax rates are 0, 5, 10, 15, 20, and 30% now. The new regime does not offer tax deductions and exemptions available in the old regime. Instead, it provides a standard … WebApr 12, 2024 · 30%. Here are some of the key takeaways from the new tax regime. Let us understand the difference between old and new tax regime and the old tax regime and new tax regime. • Unlike the old tax regime that offered just 4 slabs, the new tax regime offers 6 slabs with tax advantages at each slab due to higher limits. dj756g15

Tax Regime Selection: New vs Old? 5 reasons to decide now

WebApr 25, 2024 · Old vs New tax regime: The better choice for senior citizens: As an individual's income level increases, they would be able to claim these and other deductions to the maximum amount allowed. A senior citizen can claim several other deductions including for medical insurance premium/bills under section 80D up to Rs 50,000. Since … WebMar 9, 2024 · The difference of tax rate in the old regime vis a vis regime is as under: The old regime have just 3 applicable tax rates of 5%, 20% & 30%, as against 6 granular rates of tax under new tax regime. Under the new tax regime, concessional tax rates are proposed for taxpayer earning income up to Rs. 15 Lakh. WebApr 10, 2024 · 1. It is mandatory for employees to choose a tax regime option between the old and new regimes. As New Tax Regime has become the default option from FY 2024-24, not declaring your choice now will ... dj772