Interim Price range 2024 No Modifications In Tax Charges and tax slabs Introduced Verify Slab particulars

Interim Price range 2024: The 2024 Interim Price range is bound to disappoint the wage earners. Nirmalamma dashed the hopes of those that had been anticipating that the tax rebate could be elevated. Finance Minister Nirmala Sitharaman, who offered the Interim Price range for the monetary 12 months 2024-25, introduced that there shall be no modifications within the tax charges of direct & oblique taxes together with import duties. Meaning… the present earnings tax charges will proceed from April 1, 2023 onwards.

Talking within the price range speech, the Finance Minister mentioned that the variety of ITR filers has elevated by 2.4 instances since 2014 until date and direct tax collections have elevated by 3 instances. Sitharaman introduced that the ITR processing time has been diminished from 93 days in FY14 to 10 days now and refunds are being issued sooner.

In the course of the presentation of the price range in February 2023, the central authorities introduced some new guidelines concerning the New Revenue Tax Regime. Tax rebate of Rs. 7 lakhs elevated. This made the tax system a default system. Revenue tax slabs have been diminished to five. In Previous Revenue Tax Regime, tax slabs are relevant topic to tax reductions and exemptions. The identical guidelines shall be relevant for the monetary 12 months 2024-25 as effectively.

New Revenue Tax Regime Slabs:

Revenue as much as 3 lakhs is tax free.
Rs. 3 lakh to Rs. 5 % tax on earnings between 6 lakhs (tax reduction obtainable underneath part 87A)
Rs. 6 lakh to Rs. 10 % tax on earnings between Rs. 9 lakh (earnings as much as Rs. 7 lakh will get tax concession underneath Part 87A)
15 % tax on earnings between Rs.9 lakh and Rs.12 lakh
20 % tax on earnings between Rs.12 lakh and Rs.15 lakh
30 % tax for these with earnings of 15 lakhs and above

Previous Revenue Tax Regime Slabs:

Tax exemption on earnings as much as 2.5 lakhs
Rs. 2.5 to Rs. 5 % tax on earnings between 5 lakhs
Rs. 5 lakh to Rs. 20 % tax on earnings between 10 lakhs
Rs. 30 % tax on earnings above 10 lakhs

Within the previous tax regime.. IT exemption restrict for senior residents above 60 years of age was Rs. 3 lakhs. This exemption for tremendous senior residents above 80 years is Rs. 5 lakhs.

One other attention-grabbing article: Key Factors in Price range – Earlier Price range Amendments, Present Estimates

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