Key Points
Income tax rules from April 1: The new financial years starts from today..
It is important to know the correct income tax rules so that an individual can do the tax planning for the financial year, make tax-saving investments for the current financial year..
Read on to know the income tax ready reckoner for financial year 2024-25.iStockBy claiming the eligible deductions (depending on the tax regime chosen), an individual can reduce their net taxable income and also tax liability...
Income range (In Rs) Income tax rate (%) 0-2,50,000 0 2,50,001-5,00,000 5 5,00,001-10,00,000 20 10,00,001 and above 30. 3. Zero tax payable under old and new tax regime: Income tax laws offer tax rebate to resident individuals under both the tax regimes..
File ITR on time to claim old tax regime benefit: If you are planning to opt for old tax regime while filing income tax return this year, ensure that ITR is filed before the July 31 deadline expires..
