A standard deduction (of ₹50,000) is already granted under the new personal income tax regime. Last year, the extent of rebate has also been increased under the new personal tax regime. Taken together with the ₹50,000 standard deduction, a person with income up to ₹750,000 a year does not have to pay any tax in the new personal tax regime now. Meanwhile, the income tax department on Friday notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25. “Those who start manufacturing within this due date will be eligible for the 15% corporate tax rate.”The regime of 22% corporate tax rate without tax exemptions continues and is available to businesses, he said.

Source: Mint February 04, 2024 12:54 UTC