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freelance product descriptions with fast withdrawals ✌️【365vc.net】✌️Invest with confidence using AI insights. Start at ₹500 and watch your wealth grow exponentially. Latest Income Tax Slabs FY 2024-2025 New Tax Regime 2023 vs New Tax Regime 2024 vs Old Tax Regime: Which income tax regime should you opt for post Budget 2024 - old regime or the revised new tax regime? How much income tax benefit will you get from the revised new tax regime, if you are already filing returns under the existing new regime? FM Nirmala Sitharaman announced that the standard deduction hike under the new tax regime and the new income tax slabs will result in salaried taxpayers saving Rs 17,500.

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Latest Income Tax Slabs FY 2024-25 Under Revised New Tax Regime: FM Nirmala Sitharaman raised the standard deduction limit under the new tax regime to Rs 75,000 from the earlier limit of Rs 50,000.

The tax slabs were also changed as detailed in the table.

Existing new regime 2023 versus revised new regime 2024: Let’s consider a scenario where an individual salaried taxpayer is earning Rs 5.5 lakh.

In this scenario, if the taxpayer is already under the new (existing) regime, then there is no change under the revised new tax regime.

Under both scenarios, the individual has to pay zero tax.

Existing new regime 2023 versus revised new regime 2024: For an individual having an income of Rs 10 lakh, the revised new income tax regime will bring a benefit of Rs 10,400, since the total tax outgo will reduce from Rs 54,600 under the existing new regime to Rs 44,200.

Existing new regime 2023 versus revised new regime 2024: Let’s now consider a salaried taxpayer with an income of Rs 20 lakh.

In the existing new income tax regime versus revised new income tax regime comparison, the tax outgo will reduce by Rs 18,200.

​Existing new regime 2023 versus revised new regime 2024: For income levels above Rs 50 lakh, the surcharge kicks in.

In our example, we are considering an income of Rs 65 lakh.

The total tax saving under the revised new tax regime will be Rs 20,020 as against the existing new tax regime.

​Existing new regime 2023 versus revised new regime 2024: If an individual taxpayer has an income of Rs 6 crore, then under the revised new income tax regime, the tax benefit would be Rs 22,750 compared to the existing new tax regime.

Old versus revised new tax regime: Let us consider an individual with Rs 5.5 lakh income, who avails no deductions and exemptions except for standard deduction.

For such a salaried taxpayer, the tax outgo under both the old and revised new tax regime is zero.

Old versus revised new tax regime: At a salary of Rs 7.75 lakh, for an individual availing Rs 50,000 standard deduction and Rs 50,000 Section 80C benefits under the old regime, the tax outgo is Rs 49,400.

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Old versus revised new tax regime: At a Rs 20 lakh salary level, for an individual availing Rs 4 lakh as deductions and exemptions (including common ones like housing loan deductions/HRA and Section 80C) under the old income tax regime, the revised new tax regime would help save tax of Rs 26,000!

Old versus revised new tax regime: Now let’s consider a salaried taxpayer with an income of Rs 65 lakh.

We are assuming that the person avails Rs 2 lakh as housing loan/HRA benefit, Rs 50,000 as standard deduction, Rs 1.5 lakh under Section 80C, medical insurance premium of Rs 25,000 and NPS deduction of Rs 50,000 - totalling Rs 4.75 lakh.

In this scenario too, the revised new tax regime would result in a tax benefit - however small - of Rs 2,860/-

Old versus revised new tax regime: For an income of Rs 6 crore, with a lower surcharge applicable, the revised new tax regime is beneficial, even if you avail exemptions and deductions up to Rs 4.75 lakh including standard deduction.

New tax regime 2023 vs 2024 vs old tax regime: It is important to note that the scenarios shown in the tables are broadly indicative.

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freelance product descriptions with fast withdrawals ✌️【365vc.net】✌️Invest with confidence using AI insights. Start at ₹500 and watch your wealth grow exponentially. According to Surabhi Marwah, Tax Partner, EY India if the gross income is more than Rs 15.75 lakh, then an individual is better off taking new regime only if the deductions and exemptions available under the old tax regime are less than Rs 4,33,333 (excluding standard deduction).

Income Tax Slabs FY 2024-25 for old tax regime: FM Sitharaman did not announce any changes in the old income tax regime.

The income tax slabs for that continue to be a NIL tax up to Rs 2.5 lakh income, 5% tax between Rs 2.5 lakh and Rs 5 lakh, 20% tax rate between Rs 5 lakh and Rs 10 lakh, 305 tax rate above Rs 10 lakh.

The basic exemption limit for senior citizens is Rs 3 lakh and for super senior citizens it is Rs 5 lakh.

New Tax Regime FY 2024-25: The current deduction limit of 10% of the employee's salary for NPS is set to be raised to 14%.

Moreover, non-government employees who opt for the new tax regime will also benefit from this change.

They will be eligible for a deduction of up to 14% of their salary, instead of the previous limit of 10%.freelance product descriptions with fast withdrawals ✌️【365vc.net】✌️Invest small, earn big! ₹500 to start, with potential 100% returns in just one month.