In the next field, select your age. New income tax slabs and tax rates under the revised tax regime.
Eligible persons without any business income can choose the new regime for each financial year. New income tax slabs and tax rates under the revised tax regime.
One Of The Key Changes Is The Increase In The Basic Exemption Limit, Which Has Been Raised From Rs 2.5 Lakh To Rs 3 Lakh.
Under section 115bac of the income tax act, the new tax regime offers simplified tax brackets and rates for individuals, hufs, aops, bois, and ajps, along with a full tax rebate for individuals with an annual income of up to โน7 lakhs.
Refer Examples &Amp; Tax Slabs For Easy Calculation.
The surcharge rates have also been revised, with the highest surcharge rate of 37% being reduced to 25% in the new tax regime.
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The New Tax Regime Has The Same Tax Rates For All Categories Of Individuals, With No Increased Basic Exemption Limit Benefit Available For Senior And Super Senior Citizens.
Above rs 15l rs 150,000 + 30% on income more than rs 15,00,000 new tax regime exemption list (not exclusive) > transport allowances w.r.t.
What Are The Income Tax Slab And Tax Rates Under The Revised New Tax Regime?
As per budget 2023, the income tax slabs under the new income tax regime will now be as follows: