Please note that Rohit is an individual taxpayer assessee having an income tax exemption of Rs 2,50,000. Rohit wants to know his tax dues as per the old regime for FY 2023-24 (AY 2024-2025). Deductions under section 80 have also been reduced. This income has been calculated by including income from all sources, such as salary, rental income, and interest income. Illustration 1: Rohit has a total taxable income of Rs 8,00,000.
How to Calculate Income Tax from Income Tax Slabs? After the due date, you have to mandatorily file under the new regime by giving up on most of the deductions and exemptions and all losses. For FY 2023-24, the default regime changed to the new tax regime, now if you want to file the return under the old tax regime by claiming all the deductions, exemptions, and losses, then you have to file within the due date.After the due date, you have to mandatorily file under the old regime only. For FY 2022-23, the default regime used to be the Old tax regime, if you wanted to go for the New tax regime, you were required to submit Form 10-IE.What are the Major Procedural Changes in Filing of Income Tax Return from FY 2022-23 to FY 2023-24? Income tax exemption limit is up to Rs 3,00,000 for Individuals, HUF opting for the new regime.* Tax rebate equivalent to an amount, tax payable is when the total income exceeds Rs 7,00,000. However, under the new t ax regime rebate is up to Rs.25000 is applicable if the total income does not exceed Rs 7,00,000.
Surcharge and cess will be applicable over and above the tax rates.up to Rs 5,00,000 for super senior citizens aged above 80 years.