What Are The Income Tax Brackets For 2024 In India. 2) bill, 2024 and the subsequent proposed amendments received the assent of the president on 16 august 2024. An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions.
Income above rs 10 lakh is taxed at 30%, with a base amount of rs 1,12,500. For income between rs 7 lakh and rs 10 lakh, a 10% tax applies.