Marginal relief under the new tax regime (Income above 7 lahks)
Yes, the marginal lift can be given under the new tax regime, however, maximum relief will be the amount which is above 7 lacks.
For example if income is 710,000 and the text comes out to be 27,040 then the maximum leave will be allowed is 17,040 and tax will be calculated at 10,000. The same can be understood via illustration below.
This is for the financial year 2023 24 that is assessment year 24 -25. The new marginal relief proposed under budget 2023 is available and notification on 24th March via amendment will not be available under the old tax regime.
Slab under New Tax Regime for AY 2024-25
Income tax slabs under new tax regime
O to Rs 3 lakh NIL
Rs 3 lakh to Rs 6 lakh 5%
Rs 6 lakh to Rs 9 lakh 10%
Rs 9 lakh to Rs 12 lakh 15%
Rs 12 lakh to Rs 15 lakh 20%
Income above Rs 15 lakh 30%
