Table of Contents
What is Old Regime Under Income Tax Act
What is New Regime Under Income Tax Act
Partnership Firm Income Tax Return Filing & Tax Rate
How Many types of Deduction
Deduction Under Section 80CCD of the Income Tax Act
What is the Section 80gg ?
What is the Section 80d in Income Tax?
what is section 80e
What is section 80g
Other Deduction In Income Tax Which Came Under Section 80.
How many deductions are available to a salaried individual?
What is standard deductions?
What are the benefits of filing ITR on time?
How Many types of ITR?
What are the benefits of paying advance tax?
How much exemption is available in ITR 4 (Sugam)?
How much exemption is available in ITR 3?
What you can do when your income comes abroad What type of ITR needs to be filed?
How to make challan correction in income tax?
What is AIS in Income Tax?
What is CSI
What is 194n in income tax
What is Inoperative PAN
How to change your pan status inoperative to operative
What is ITR-U
OLD REGIME UNDER THE IT ACT
§ The old tax regime refers to the existing tax structure under which taxpayers can claim various deductions and exemptions under different sections of the Income Tax Act.
§ Old Tax Slabs for the FY 2023-24 / AY 2024-25
For individuals age below 60 years:
· Up to ₹2,50,000: Nil
· ₹2,50,001 – ₹5,00,000: 5%
· ₹5,00,001 – ₹10,00,000: 20%
· Above ₹15,00,000: 30%
For senior citizens age between 60 to 80 years:
· Up to ₹3,00,000: Nil
· ₹3,00,00 – ₹5,00,000: 5%
· ₹5,00,001 – ₹10,00,000: 20%
· Above ₹10,00,000: 30%
For senior citizens age between 60 to 80 years:
· Up to ₹5,00,000: Nil
· ₹5,00,001 – ₹10,00,000: 20%
· Above ₹10,00,000: 30%
NEW REGIME UNDER THE IT ACT
§ The new tax regime introduced under Section 115BAC of the Income Tax Act provides individuals and HUF taxpayers with an option to pay income tax at lower rates. Here are the key features of the new regime:
§ New Tax Regime / New Tax Slabs / Alternative Tax Regime for the FY 2023-24 / AY 2024-25
For individuals / HUF / AOP / BOI / AJP
· Up to ₹3,00,000: Nil
· ₹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%
DEFAULT REGIME FOR THE AY 2024-25
The new regime is the Default regime for individual / HUF / AOP / BOI / AJP for the AY 2024-25