New Income tax structure 2023-24

ajeetone

Recruit
Income tax rebate limit increased from Rs 5 lakh to Rs 7 lakh under new tax regime.

Tax for income of Rs 0-3 lakh is nil; income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5%; income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10%; income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%; and income above Rs 15 lakh to be taxed at Rs 30%.

Relief for middle class?

I was hoping for some intangible benefit for tax payer citizens...
 

nRiTeCh

Skilled
New middle class now breaks in 10 lakh bracket..
 

RaceGurram

Disciple
ajeetone said:
Income tax rebate limit increased from Rs 5 lakh to Rs 7 lakh under new tax regime.

Tax for income of Rs 0-3 lakh is nil; income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5%; income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10%; income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%; and income above Rs 15 lakh to be taxed at Rs 30%.

Relief for middle class?

I was hoping for some intangible benefit for tax payer citizens...
Click to expand...
Yes and No.
If we look at statistics, there are only 6.5 Cr tax payers out of 120 Cr population.
We don't have any plans to improve this. As elections are near, we are getting some relief in tax slabs, the inflation is essentially eating up.
Just compare the price of Automobile in the last 5yrs

 

rsaeon

Adept
ajeetone said:
Income tax rebate limit increased from Rs 5 lakh to Rs 7 lakh under new tax regime.
Click to expand...

So this basically means there's no income tax for freelancers who earn 14 LPA or less under 44ADA.
 

imad7x

Disciple
Is it possible to get ITR refund nect year if I selected New Tax Regime now?