Income Tax New Regime 2024

Here are the details of the new income tax regime:

Tax Slabs: 

The new income tax regime has the following tax slabs:

•     0% tax for income between Rs 0 and 3 lakh
•     5% for income between Rs 3 and 7 lakh
•     10% for income between Rs 7 and 10 lakh
•     15% for income between Rs 10 and 12 lakh
•     20% for income between Rs 12 and 15 lakh
•     30% for income above Rs 15 lakh

Standard Deduction: The standard deduction for salaried employees has been increased from Rs 50,000 to Rs 75,000.

Angel Tax:

 The angel tax has been abolished for all classes of investors.

Long-term Capital Gains: Long-term capital gains tax has been increased from 10% to 12.5%.

Securities Transaction Tax (STT): STT on Futures contracts has been increased to 0.2%, and on Options contracts, it has been increased to 0.1%.

Deduction for Family Pensioners:

 The deduction for family pensioners has been enhanced from Rs 15,000 to Rs 25,000.

Corporate Tax Rate:

 The corporate tax rate for foreign companies has been reduced to 25%.