There are seven (7) tax rates in 2024. 10%, 12%, 22%, 24%, 32%, 35% and 37% (there is also a zero rate).
The irs uses 7 brackets to calculate your tax bill based on your income and filing status. The 2024 tax brackets apply to income earned this year, which is reported on tax returns filed in 2025.
There Are Seven (7) Tax Rates In 2024.
1) increasing the limit of minimum income subject to tax from rs 3.
2024 Tax Brackets (Taxes Due In April 2025) The 2024 Tax Year, And The Return Due In 2025, Will Continue With These Seven Federal Tax Brackets:
5% on income which exceeds rs 3 lakh.
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Fortunately, The Government Wants Everybody To Converge On To The New Regime So That You Don't Have A Lot Of Deductions And Exemptions That You Are Asking.
This article summarizes income tax rates, surcharge, health & education cess, special rates, and rebate/relief applicable to various categories of persons viz.
Up To Rs 3 Lakh:
In the new income tax regime, the tax rebate limit ( basic.