Budget 2024: Five things to know about current new income tax vs old income tax slabs
New income tax vs old income tax slabs: Finance Minister Nirmala Sitharaman will present Narendra Modi's government interim budget for FY25 on 1 February 2024. During an election year, the government does not present a full-fledged Budget, instead, it prepares an interim budget.
also known as a vote on account. The aam aadmi looks forward to the tax rebate announcements in the Union Budget.
Finance Minister Nirmala Sitharaman while presenting Budget 2023 on 1 February 2023, tweaked the slab rates With the year 2023 heading toward the end, let's take a recap of new vs old income tax slab rates 1)New vs old income tax regime: If you still haven't had a chance to understand the new and the old tax regime, now is a good time to see which one would work best for you. 2) As per the changes proposed in Union Budget 2023, no tax would be levied on people with annual income of up to ₹7 lakh under the new tax regime.
If you have income up to ₹7 lakh then the new tax regime is better, as there is no tax up to ₹7 lakh and additionally, there is a standard deduction of ₹50,000 in the new tax regime. 3) New tax slabs 4) Old tax slabs 5) Since the old tax regime comes with exemptions on certain investments and expenditures, personal finance experts believe that it will remain attractive for taxpayers who pay house rent or have a home loan.Milestone Alert!
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