The new income tax slabs announced under the new tax regime are applicable for the incomes earned in the FY 2023-24, i.e., between April 1, 2023 and March 31, 2024.
For computing your exact amount of tax you have to consider 4 more points after this slab rates i.e. rebate u/s 87A, deductions, surcharge, health and education cess @ 4% on income tax liability
TDS on salary, governed by Section 192 of the Income Tax Act, mandates employers to withhold taxes from the salary
It’s essential to be honest and accurate when filing your income tax return. Take advantage of legitimate deductions and credits for which you qualify, but do not overstate them or claim deductions that you are not entitled to. If you are unsure about which deductions you can claim or need assistance with your tax return, consider consulting a tax professional or using tax preparation software to help ensure that you comply with tax laws.
