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Tax Laws Part 1 2025 Latest Tax Rules for Bankers
What is the new tax rebate limit under Section 87A for individual taxpayers under the new tax regime for FY 2025-26?
Under the new tax regime, individuals with taxable income up to Rs. 12 lakh are entitled to a full tax rebate under Section 87A, effectively making their tax liability nil.
What is the basic exemption limit under the new tax regime for individuals for FY 2025-26?
Basic exemption limit is Rs. 3 lakh under new regime.
What are the revised income tax slab rates under the new tax regime effective from FY 2025-26?
The revised slabs are: Nil up to Rs. 4 lakh, 5% for Rs. 4-8 lakh, 10% for Rs. 8-12 lakh, 15% for Rs. 12-16 lakh, 20% for Rs. 16-20 lakh, 25% for Rs. 20-24 lakh, and 30% above Rs. 24 lakh.
What is the maximum marginal rate of income tax applicable under the new tax regime for FY 2025-26?
Maximum marginal rate is 30% on income above Rs. 15 lakh.
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