New Tax Brackets For 2024 Vs 2024 Lok. Let’s now consider a salaried taxpayer. — taxpayers can now choose to pay income tax at lower rates under the new tax regime slabs on the condition that they withdraw from being considered for specific exemptions and deductions.
In case your income is above 10 lakh, for which you will belong to 30% tax bracket according to old tax regime and 20% tax bracket according to new tax regime (based on your income), you can make investments and claim deductions to reduce your taxable income. An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions.
New Tax Brackets For 2024 Vs 2024 Lok Images References :