New Tax Regime in Income Tax
New Tax Regime in Income Tax is coverered in Section 115BAC Income Tax Act.
Now there are two Types of New Tax Regime under Income Tax Act
- New Tax Regime u/s 115BAC (1) is applicable for individuals and Hindu undivided family from 01.04.2021 to 31.03.2024 . i.,e for AY 2021-22 to AY 2023-24. Tax rates under this New Tax Regime are as follow
TABLE
| Sl. No. | Total income | Rate of tax |
| (1) | (2) | (3) |
| 1. | Upto Rs. 2,50,000 | Nil |
| 2. | From Rs. 2,50,001 to Rs. 5,00,000 | 5 per cent |
| 3. | From Rs. 5,00,001 to Rs. 7,50,000 | 10 per cent |
| 4. | From Rs. 7,50,001 to Rs. 10,00,000 | 15 per cent |
| 5. | From Rs. 10,00,001 to Rs. 12,50,000 | 20 per cent |
| 6. | From Rs. 12,50,001 to Rs. 15,00,000 | 25 per cent |
| 7. | Above Rs. 15,00,000 | 30 per cent: |
2. New Tax Regime u/s 115BAC (1A) is applicable for individuals and Hindu undivided family 1[and others] w.e.f 01.04.2024 i.e AY 2024-25 onwards) . Tax rates under this new Tax Regime are as follow
| Sl. No. | Total income | Rate of tax |
| (1) | (2) | (3) |
| 1. | Upto Rs. 3,00,000 | Nil |
| 2. | From Rs. 3,0,001 to Rs. 6,00,000 | 5 per cent |
| 3. | From Rs. 6,00,001 to Rs. 9,00,000 | 10 per cent |
| 4. | From Rs. 9,00,001 to Rs. 12,00,000 | 15 per cent |
| 5. | From Rs. 12,00,001 to Rs. 15,00,000 | 20 per cent |
| 6. | Above Rs. 15,00,000 | 30 per cent: |
for more read in detail Section 115BAC Income Tax Act : New Tax Regime in Income Tax