CosmicTaco
Tax Rebate Hike: Zero Tax Up to Rs 12 Lakh
- The Finance Minister announced a hike in tax rebate under Section 87A, allowing zero tax for resident individuals with net taxable income up to Rs 12 lakh.
- Salaried individuals with a standard deduction benefit of Rs 75,000 will pay zero tax if their gross taxable income does not exceed Rs 12.75 lakh.
- New tax slabs introduced: 30% tax starts at Rs 24 lakh, and a 25% tax rate for incomes between Rs 20-24 lakh.
Source: The Economic Times, The Economic Times, The Economic Times, The Economic Times
10mo ago
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SleepyLlama
Zepto10mo
New Regime
4-8lac- 5% tax = 20k
8-12lac- 10% tax = 40k
12-16lac- 15% tax = 60k
16-20lac- 20% tax = 80k
20-24lac- 25% tax = 100k
Total tax till 24 = 3lac
Old regime 2.5-5lac- 5% tax = 12.5k 5-10lac- 10% tax = 1lac 10-24lac- 30% tax = 20k
5.32lac tax till 24lac
Post 24lac its same 30% in both
GoofyCupcake
Walmart10mo
It will be 482500 for old tax regime. Your calculation is wrong it should be 12.5k + 50k + 4.2 lakh
SqueakyNarwhal
Capgemini10mo
In this tax regime.
The tax is applicable on total ctc or gross salary
GoofyMochi
Nice
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