7 Facts about new Tax rules you need to know!
New Tax Regime will be selected by default, unless chosen, otherwise
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The basic exemption limit
has been increased from ₹2.5 lakh to
₹3 lakhs
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3 to 6 Lakhs - 5%
6 to 9 Lakhs - 10%
9 to 12 Lakhs - 15%
12 to 15 Lakhs - 20%
Above 15 Lakhs - 30%
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Standard deduction of INR 50,000 now incorporated in New Tax Regime also.
Previously it was only applicable in Old Tax Regime.
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REDUCTION IN SURCHARGE
Previously set to 37%
Now reduced to 25%
On income above 5 Crores
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TAXATION ON MATURITY PROCEEDS
Maturity proceeds from Life Insurance policies after 1 April 2024, where total premium surpasses 5 lakhs will be subject to Taxation
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REVISED LEAVE ENCASHMENT TAX
For non-government employees, tax exemption limit on leave encashment increased from 3 to 25 lakhs
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