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Above Rs 15 lakh Standard deduction has been increased from 50,000 to 75,000. Ernst & Young estimates that, following standard tax deduction polices, income of upto 7.75 lakh is extempted from income tax after introduction of the increase in standard deduction.
2.2 New regime tax rates and savings [15] 3 Allocation of Expenditure to the government. ... Savings Over 2024 New Regime (%) 5 lakh 0 0 0 0 100% 7.5 lakh 65,000 26,000 0
₹12-15 lakhs: 20%; Over ₹15 lakhs: 30%; Reactions. Political ... "The provision that you will get a tax reduction only if you pay being on cash basis, ...
As per an analysis by the Revenue Department, 91.7% of tax filers (about 5.3 crore out of 5.78 crore tax filers) claimed a cumulative deduction (Sec 80 (C) + Sec 80 (D) + NPS + Loan Interest Repayment + Standard Deduction + others) of less than ₹2 lakh and less than 1 per cent of all tax filers (nearly 3.7 lakh) claimed deductions of over Rs ...
There is a 15-percent surcharge on income over ₹ 10 million. Domestic companies pay seven percent on taxable income between ₹ 10 million and ₹ 100 million, and 12 percent on income over ₹ 100 million. Foreign companies pay two percent on income between ₹ 10 million and ₹ 100 million, and five percent on income over ₹ 100 million.
It's never too early to start thinking about tax season. The holidays are currently in full swing, but December 31 is the last day you have to make a variety of 2023 tax moves. ... 10 Money-Saving ...