WebSurcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of Income Tax calculated as per applicable rates 10% - Taxable Income above ₹ 50 lakh – Up to ₹ 1 crore 15% - Taxable Income above ₹ 1 crore - Up to ₹ 2 crore 25% - Taxable Income above ₹ 2 crore - Up to ₹ 5 crore Webe-Filing of Income Tax Return or Forms and other value added services & Intimation, Rectification, Refund and other Income Tax Processing Related Queries 1800 103 0025 …
New vs Old Income Tax Regime: Why Taxpayers Must Choose …
WebNew Income Tax Slab: For people with an annual income of up to Rs 7 lakh, there will be no tax under the new tax system. The basic exemption level has been raised to 3 lakh and a … WebApr 11, 2024 · This goes up to Rs 7 lakh under the new regime. Use Income Tax Calculator to decide. ... Health and Education Cess is 4% of Income tax and Surcharge in both regimes. In the end, it can be said ... pdpm presumption of coverage
How to optimise tax savings under the new tax regime in …
WebFeb 3, 2024 · Surcharge on income-tax under both old regime and new regime is 10 per cent if income is above Rs 50 lakh and up to Rs 1 crore, 15 per cent if income is above Rs 1 crore and up to Rs 2 crore, 25 per cent if income is above Rs 2 crore and up to Rs 5 crore, and 37 per cent if income is above Rs 5 crore. WebApr 6, 2024 · The rates of cess and surcharge in a new income tax regime are the very same as prevalent in the existing/Old tax regime . Even Senior Citizens and Senior Super Citizens can opt in for a new tax regime. In both the tax regimes, the rebate is available to the resident individuals having a total income of equal to or less than Rs 5 lakhs per annum. WebThis, along with the rebate, makes ₹7.5 lakhs as your tax-free income under the new regime. Family pension: Those receiving family pension can claim a deduction of: ₹15,000 or 1/3rd of pension, whichever is lower. Reduced Surcharge for High Net Worth Individuals: The surcharge rate on income over ₹5 crores has been reduced from 37% to 25%. sc works online services workforce system