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Income Tax Slabs for FY 2024-25 (AY 2025-26) Under New Regime. The Budget 2024 introduced significant changes to the tax slabs under the New Tax Regime, which will be applicable for FY 2024-25 (AY 2025-26). Taxpayers can now benefit from revised tax slabs, along with an increased standard deduction and an enhanced family pension deduction.

Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. An individual must choose the tax regime which lowers their income tax outgo.

Summary: For the financial year 2024-25, individual income tax slabs in India have been revised, with changes aimed at making the new tax regime more appealing.Under the new regime, income up to ₹3 lakh is tax-free, with progressively higher rates up to 30% for incomes above ₹15 lakh. Key changes include a raised standard deduction of ₹75,000 for salaried individuals, an increased family ...

Income Tax Slabs for AY 2024–25 New Tax Regime (Default) The New Tax Regime, introduced in 2020, is now the default system for computing income tax, unless the taxpayer specifically opts for the old regime. It offers concessional tax rates while limiting the number of exemptions and deductions that can be claimed.

Income Tax Slabs and Rates for FY 2024-25 as per the New Regime. The government has changed the tax slabs for FY 2024–2025 under the new regime. As a result, several relaxations have occurred. The following summarizes the main adjustments made to the slab rates: Income tax slabs (Rs)

The Indian income tax system offers two regimes: the new regime with simplified rates and the old regime with deductions. Choosing the right one can maximise your savings. Let’s explore the income tax slabs for FY 2024-25 under both regimes, the key changes, and their impacts. Income Tax Slabs Under the Old Regime

Here are the income tax slabs for FY 2024-25 (Assessment Year 2025-26): Old Tax Regime For FY 2024-25. The old tax regime allows various deductions and exemptions but has higher tax rates. Standard Deduction. Amount: ₹50,000; Applicability: Available to salaried individuals and pensioners.

With the new income tax slab for FY 2024-25, taxpayers can make an informed decision between the old and new tax regimes. The new regime allows lower tax rates with minimum exemptions such as Section 80JJAA, Section 80CCD(2) Section 80CCH(2), while the old regime retained deductions/exemptions like Section 80C, Section 80D, Section 80EE, etc ...

The New Tax Regime features revised slabs and rates with limited deductions and exemptions. For FY 2024-25, the tax slabs under the New Regime are as follows: Calculation Example. Gross Income: ₹15,00,000 Standard Deduction: ₹75,000 Taxable Income: ₹14,25,000. Tax Liability: ₹3,00,000 (Nil) = ₹0 ₹4,00,000 (5%) = ₹20,000

So as per the above table, the Basic Exemption Limit is extended to Rs.4,00,000. The rebate allowed under section 87A has now been increased to Rs.60,000 for new regime. This was Rs.25,000 before the change. Since the rebate allowed has been increased, tax incidence for income up-to Rs.12,00,000 will be zero. Marginal relief on rebate is still applicable.

3. Slabs for Other Entities As Per Old and New Regime For FY 2024-25. While individuals are taxed as per the income tax slabs mentioned above, companies and firms such as LLPs also have different income tax slabs.

Income Tax Slab & Rate for FY 2024-25 Updated on April 23, 2025 , 208818 views. In India, income tax is charged based on an individual’s Income. These tax rates are based on the Range of income called income slabs. The more the income, more the tax. The tax slabs tend to undergo a change during every budget. In this article, we shall ...

The Union Budget 2024 introduced significant reforms to the income tax slabs & rates for FY 2024-25 under new regime and capital gains tax structure, affecting individual taxpayers and investors alike. Presented by Finance Minister Nirmala Sitharaman, this budget not only tweaked the new tax regime to make it more appealing but also introduced ...

The old tax regime's income tax slabs remain unchanged in the July Budget 2024, whilst modifications are made to the new tax regime. For FY 2024-25 (April 1, 2024, to March 31, 2025), taxpayers ...

Income Tax Slab and Rates for FY 2024-25 (AY 2025-26) After Budget 2024. The income tax slabs for FY 2024-25 (AY 2025-26) have been revised after Budget 2024. The 30% tax rate now applies to income above ₹24 lakh instead of ₹15 lakh. There are also discussions on reintroducing deductions to benefit taxpayers.

Right from the starting of the new Financial Year 2024-25 that has began from 1 st April, 2024 it is important for the taxpayers to know about the income tax rates as well as income tax slabs applicable to them – both under the old tax regime and new tax regime.Further, it is also important to note that from the FY 2023-24, the new tax regime has become the default tax regime.

As mentioned earlier, old tax regime income tax slabs in AY 2025-26 (FY 2024-25) have remained the same as Assessment Year 2024-25. Here are the summarized income tax brackets for FY 2024-25 for taxpayers in India under the old tax regime: 1. Zero tax liability for individuals with income in the tax bracket of less than 2.5 lakh rupees.

Income Tax Slabs Applicable to NRIs. ... Other changes and updates provided in Budget for FY 24-25 related to Tax slabs, Capital gains, Higher TCS threshold for foreign remittances, Standardized tax year, are to be complied by NRIs. ... For FY 2024–25, you can choose between 12.5% LTCG without indexation or 20% with indexation, depending on ...

Income Tax New Regime Vs Old Regime: As the assessment year 2025-26 has starts, the ITR filing season 2025 is going to take off soon, with the government likely to notify income tax return forms in a few days. Taxpayers are once again faced with the important choice between the old and new income tax regimes. For the financial year 2024-25 (AY2025-26), understanding the tax liability under ...