Web2 days ago · The old tax regime offers an exemption limit of Rs 2.5 lakh with the highest tax slab rate of 30% applicable on income above Rs 10 lakh. Contrary to the three tax slab rates of the old tax regime ... 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% - …

Calculate Your Income Tax Above 15 Lakh for FY 2024-23

WebIncome tax slab of above Rs 10 lakh (4,65,000) @ 30% =1,39,500: Total income tax liability-2,52,000: Cess at 4% on total income tax payable (i.e. on Rs 2,52,000)-10,080: Final income tax liability (inclusive of cess)-2,62,080: Do note that cess and surcharge are also levied on the income tax payable. Cess is levied at the rate of 4% and ... WebFeb 1, 2024 · As per the new tax slabs, individuals earning Rs 5 lakh to Rs 7.5 lakh will be taxed at 10 per cent and those from Rs 7.5 lakh to Rs 10 lakh would be levied 15 per cent. Those earning above Rs 15 ... food marlins game dog

Earn between Rs 10-15 lakh? These are your new income tax rates

Web5 hours ago · Four per cent additional health and education cess will be added to the income tax liability. Surcharge is also different for different income groups: 10% of income tax if total income > Rs.50 lakh. 15% of income tax if total income > Rs.1 crore. 25% of income tax if total income > Rs.2 crore. 37% of income tax if total income > Rs.5 crore Web7 rows · From AY 2024-21, the Government of India introduced an optional new tax regime u/S 115BAC. ... WebFeb 17, 2024 · Budget highlights: 2024 income tax slab. In Budget 2024, a new set of income tax rates has been announced for those earning up to ₹15 lakh a year. The highlights are listed below: Income between ₹5 and ₹7.5 lakh, reduced to 10% tax from 20%. Income between ₹7.5 lakh to ₹10 lakh, reduced to 15% from the current 20%. food marrickville