2024 Tax Rates And Deductions. The budget 2024 has increased the tax deduction limit on employer nps contributions from 10% to 14%, aligning private sector employees with government counterparts, and introduced the nps vatsalya. The top tax rate is 37% for returns filed by individual taxpayers for the 2024 tax year, which are filed in 2025.
The withholding tax rate on mutual fund income for resident individuals has been set at 10%.however, if the annual income from mutual funds exceeds rs. Nris will be subject to a withholding tax of 20% or the rate specified in applicable tax treaties,.