2024 Tax Rates And Standard Deduction Under

2024 Tax Rates And Standard Deduction Under. The current 20% tax on buybacks paid by companies will be eliminated. The government changed the income tax laws under the new tax regime in the july 2024 budget, increasing its attractiveness compared to the old tax regime.this was done by changing the income tax slabs to reduce tax payable, hiking the standard deduction to rs 75,000 and increasing the deduction to 14% on employer's.

B) basic exemption limit of rs 3 lakh for all individuals irrespective of their age. The current 20% tax on buybacks paid by companies will be eliminated.