Tax Rates For Ay 2024-25. Limited liability partnership (llp) association of persons (aop) body of individuals (boi) artificial juridical person (ajp) referred to in clause (vii) of section 2 (31) local authority referred to in clause (vi) of section 2 (31) The rebate is rs 12,500 or 100% of income tax (whichever is lesser).
Resident senior citizen (who is 60 years or more. Income from ₹2.5 lakh to ₹5 lakh:
Annual Income From Other Sources.
18 lakh, resulting in rs.
₹45,000 + 15% On Income Exceeding ₹9,00,000.
Rebate under section 87a increased to taxable income of rs 7 lakh (tax rebate of 25,000) from 5 lakh (tax rebate of rs 12,500) income tax slabs under old tax regime.
Income Up To ₹2.5 Lakh:
Images References :
Trusts Which Are Not Exempt From Taxation As Per Relevant Provisions And Require Approvals / Registrations Under The Income Tax Act, Are Assessed As Aop.
In the union budget of 2020, the finance minister introduced new tax slabs as an alternative.
To Compute The Surcharge, Begin By Determining The Income Tax, Which Equals 30% Of The Taxable Income, Totaling Rs.
The new tax regime introduced in budget 2023 offers lower tax rates but does not allow most of the deductions and exemptions available under the old tax regime.