WebApr 12, 2024 · Even HRA benefits are not available. Typically, the new tax regime is meaningful for income up to Rs12 lakhs per annum and where persons with higher income levels, do not have adequate exemption claims from Section 80C, Section 80D, Section 24 or from HRA. ... Here are assuming that the person is not claiming any benefit of exemption … WebFeb 1, 2024 · Under the new income tax rates, tax of only 10% will be charged for income of ₹ 5 lakh-7.5 lakh as against prevailing 20% rate. From ₹ 7.5 lakh-10 lakh income, a tax rate …
House Rent Allowance (HRA) - Exemption, Rules
WebOct 26, 2024 · The new tax structure, introduced in Budget 2024, does away with 70 odd tax deductions and exemptions and lowers tax rates for annual incomes up to ₹ 12.5 lakh. … stripe shopify app
Standard Deduction in New Tax Regime 2024-24 for salaried …
WebDec 23, 2024 · HRAs are funded entirely by employer money. 5 An HRA is not an account (though you may see it mistakenly referred to that way). It’s a reimbursement … WebApr 11, 2024 · Also, if a taxpayer opts for the new tax regime exemptions such as Leave Travel Allowance, House Rent Allowance, Children Education Allowance, Deduction for professional tax, Interest on housing ... WebFeb 7, 2024 · No other changes in New Tax regime under Section 115BAC (i.e allowances, HRA and other deduction are not available) Example:- Mr. Modi is a salaried employee and his salary is Rs. 970000. New Tax regime Salary income Rs. 9,70,000 less:- Standard deduction Rs. 50,000 Total income Rs. 920,000 Tax Calculation upto Rs. 300000 NIl stripe shirts for women