Income Tax Return Filing: New Changes Brought By The New Tax Regime

Change In Tax Slabs: Earlier there were seven tax slabs. Now, there are only six in the new tax regime. For instance, income up to Rs 3 lakh is tax-free. For Rs 3,00,001-6 lakh, it is 5 per cent. For Rs 6,00,001-9 lakh, it is 10 per cent. For Rs 9,00,001-12 lakh, it is 15 per cent, and for Rs 12,00,001-15 lakh, it is 20 per cent. Above Rs 15 lakh, it 30 per cent. For a person earning Rs 9 lakh, his/her tax liability comes to Rs. 45000, down from Rs. 60,000, previously under the new tax regime.Raised Basic Exemption Limit: The new regime has increased the basic exemption limit for individual taxpayers to Rs 3 lakh in AY 24-25, up from Rs 2.5 lakh in AY 23-24. The exemption limit still stands at Rs 2.5 lakh in the old tax regime.Standard Deduction Introduced: The standard deduction of Rs 50,000 available under the old tax regime was made available to taxpayers in the new tax regime as well, that too from AY24-25.Reduced Levy of Surcharge: The peak surcharge rate was reduced from 37 per cent to 25 per cent, thus effectively reducing the overall tax rate for individuals in the highest tax bracket from 42.74 per cent to 39 per cent for AY24-25.

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