Tax Slab 2024-24. Budget feb 1, 2023 (income tax slab updates) 1) income tax exemption limit increased from rs 2.5 lakh to rs 3 lakh. 2) tax rebate under section 87a.

Using tax calculation formula in excel (provided above), you can calculate tax liability based on below steps: In 2024, the income limits for every tax bracket and all filers will be adjusted for inflation and will be as follows (table.