New Income Tax Brackets For 2024 With Example. An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. In the new income tax regime, the rebate eligibility threshold is set at rs 7,00,000, allowing taxpayers to claim a rebate of up to rs 25,000.
For example, a single taxpayer in the previous tax year had a tax rate of 22% if they made over. The lowest level, for example, increased by.