"Mastering Your Money: Understanding the INCOME TAX Regime"
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1.On the basis of new tax regime (2024-2025) financial year,the tax burden under the new tax regime is ₹50,000
1.On the basis of new tax regime (2024-2025) financial year,the tax burden under the new tax regime is ₹50,000
2.For individuals (including senior citizens and super senior citizens): Income up to ₹3,00,000 is tax-free
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2.For individuals (including senior citizens and super senior citizens): Income up to ₹3,00,000 is tax-free
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3.Additionally, under both regimes, individuals with a net taxable income of up to ₹5,00,000 can avail of a tax rebate under Section 87A, making their tax liability nil
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3.Additionally, under both regimes, individuals with a net taxable income of up to ₹5,00,000 can avail of a tax rebate under Section 87A, making their tax liability nil
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4.For super senior citizens (above 80 years of age): Income up to ₹5,00,000 is tax-free
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4.For super senior citizens (above 80 years of age): Income up to ₹5,00,000 is tax-free
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