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Comparative Analysis of Income Tax Slabs Under Old vs. New Regime. Let us understand income tax slab rates under the old regime and the new regime using the following illustrations. The following examples also explain the tax slab rates of FY 2025-26 along with FY 2024-25: Case -1: When the Income is Rs.10 lakhs Particulars of Income and Deductions

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 ...

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. The old tax regime provides ...

Salary income: The standard deduction of Rs.50,000, which was only available under the old regime, has now been extended to the new tax regime as well. This amount has been increased to Rs.75,000 for the new regime only with effect from FY 2024-25. Family pension: Those receiving a family pension can claim a deduction of Rs.15,000 or 1/3rd of the pension, whichever is lower.

The 2024 Budget introduced updated tax slabs in the New Tax Regime, allowing taxpayers to save an additional ₹17,500 in taxes. Furthermore, the standard deduction has been hiked to ₹75,000, and the family pension deduction has been enhanced to ₹25,000 from ₹15,000, effective for FY 2024-25. Here are the revised tax slabs:

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 ...

Latest income tax slabs for FY 2024-25: Here are the latest income tax slabs that will be effective for the current financial year after Budget 2024. The budget was presented in July instead of February due to the Lok Sabha Elections 2024 held in April, May, and June, as opposed to the usual February presentation.

The Finance Act 2023 amended Section 115BAC, making the new tax regime the default option from AY 2024-25 (FY 2023-24 onwards) for: Individuals; HUFs (Hindu Undivided Families) ... Slab Rates For FY 2024-25 Under the Old Tax Regime. Income Range (₹) Tax Rate: Tax Calculation: Up to ₹2,50,000: 0%: Nil ₹2,50,001 – ₹5,00,000: 5%:

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.

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. ... Tax slab calculators can be used to calculate your tax slab for both old and new regimes. 7. Historical Income Tax Slab Rates.

Particulars Old regime Tax rates New Regime Tax rates ; Company opts for section 115BAB (not covered in sections 115BA and 115BAA) & is registered on or after October 1, 2019, and has commenced manufacturing on or before 31st March 2024 and subject to the conditions specified in the section.Applicable from AY 2020-21 and onwards.

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

If your age is 80 years or above, below are the Income Tax Slab Rates 2024-25 for you based on Old Tax Regime: Income Tax Slab Rates (Old Tax Regime) Rs. 0 – Rs. 5 Lakh: 0%: Rs. 5 Lakh – Rs. 10 Lakh: 20%: Rs. 10 Lakh or above: 30%: Income Tax Bracket in India for Super Senior Citizens (Old Tax Regime)

In FY 2024-25 the new tax regime has been made the default option for individual taxpayers. However, new tax regime deductions are relatively few, eligible tax payers can still choose to opt for the old tax regime instead. When comparing the new tax regime slab rates in FY 2024-25 (AY 2025-26) vs. income tax slab rates in FY 2023-24 (AY 2024-25), it is evident that the former offers additional ...

Income Tax Slabs for FY 2024-25 under New vs Old Tax Regime Income Tax Slabs under New Tax Regime for FY 2024-25 (AY 2025-26) Income Tax Slab (Rs.) ... This blog breaks down the income tax slabs for the financial year 2024-25 (assessment year 2025-26) in a simple and straightforward manner. Whether you're a salaried individual, a senior citizen ...

According to a report by The Times of India, the finance ministry has consistently supported the idea of separating investment and savings schemes from income tax liabilities, allowing taxpayers to make independent choices based on their own benefits.. The new tax regime offers more benefits than the old one for incomes up to ₹12 lakh ( ₹12.75 lakh for salaried individuals), even when ...

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 ...

New Income Tax Slabs under the New Regime (FY 2025–26) From April 1, 2025, the new income tax regime will be the default option. Taxpayers who wish to continue using the old regime (which allows various deductions) must opt in explicitly each financial year. ... Till AY 2024-25, standard deduction was fixed at Rs. 50,000. ...

The Income Tax Department has introduced new ITR-1 and ITR-4 forms for FY 2024-25, simplifying tax filing for individuals with long-term capital gains up to Rs 1.25 lakh from listed equities.