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TAXATION INCOME TAX & TDS & DEFERRED TAX
What is the basic exemption limit for income tax for an individual below 60 years for AY 2024-25?
The basic exemption limit is Rs. 2,50,000 for individuals below 60 years under the old tax regime.
What is the new tax regime default for individuals filing returns from AY 2024-25 onwards?
New tax regime is the default regime from AY 2024-25.
Under which section of the Income Tax Act is TDS on interest income from banks deducted?
TDS on interest income from banks (other than savings accounts) is deducted under Section 194A of the Income Tax Act, 1961.
What is the basic exemption limit under the new tax regime for individuals?
Rs. 3 lakh is the basic exemption limit under new regime.
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