In Budget 2024, the central government has sweetened the new tax regime with more slab relaxations and an increase in the standard deduction from ₹50,000 to ₹75,000. However, despite the changes introduced in Budget 2024 in the rates under the new tax regime, there are taxpayers who would want to opt for the old tax … Read more
The Union Budget 2024 endorses the government’s policy of an apparent tilt to the New Tax Regime over the previous one, as evident from a slew of efforts to make it a more attractive proposition for taxpayers. The government’s push for the New Tax Regime became evident last year when the income threshold limit for … Read more
The Government of India levies income tax at slab rates ranging between 0 and 30 per cent with a surcharge (up to 25 per cent) in addition to levying a 4 per cent health and education cess. Effectively, the maximum rate of income tax on the highest income bracket stands at 39 per cent now. … Read more