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 ...
Key Changes in FY 2024–25. Increased tax-free limit under the New Regime due to higher standard deduction; Introduction of a 25% slab for middle-income earners (₹20–24 lakh) Elimination of “angel tax” Revised capital gains tax structure: STCG now at 20%; LTCG at 12.5% with an exemption limit of ₹1.25 lakh
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)
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. 30% Tax Slab Threshold
Old vs New Tax Regime Slabs Comparison for FY 2024-25. Below is a comparison between the tax slabs under the new and old regimes: Initial exemption. Both regimes provide tax exemption for income up to Rs.2,50,000. Lower income brackets. The new tax regime offers more favorable terms for lower income brackets.
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 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
Income Tax Slabs for FY 2024-25 (New & Old Regime Tax Rates) Income Tax applies to individuals based on a slab system, where different tax rates are assigned to different income ranges. As the person’s income increases, the tax rates also increase. This type of taxation allows for a fair and progressive tax system in the country.
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 ...
There are seven federal income tax brackets in 2024 and 2025: 10%, 12%, 22%, 24%, 32%, 35% and 37%. How much you pay depends on your income and filing status. Use our tax bracket calculator to ...
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.
India’s income tax system for FY 2024-25 offers two regimes—the New Tax Regime and the Old Tax Regime. Taxpayers can choose between the two based on their financial situation and available deductions. ... For FY 2024-25, the tax slabs under the New Regime are as follows: Calculation Example. Gross Income: ₹15,00,000 Standard Deduction ...
Tax Slabs for FY 2024-25 and FY 2025-26 Financial Year 2024-25. Income Slab Tax Rate; Up to ₹3 lakh: No tax ₹3 lakh – ₹6 lakh: 5% ₹6 lakh – ₹12 lakh: 10%: Above ₹12 lakh: 20%: Individuals earning below ₹7 lakh get full tax relief through rebate under Section 87A, effectively making their tax liability zero.
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.
For the assessment years 2024-25 and 2025-26, tax rates under the old tax regime for individuals, HUFs, AOPs, BOIs, and artificial juridical persons offer an exemption limit of ₹2.5 lakh, with slabs of 5% on income between ₹2.5 lakh and ₹5 lakh, 20% on income between ₹5 lakh and ₹10 lakh, and 30% on income above ₹10 lakh. For senior citizens (60-80 years), the exemption limit is ...
Income Tax Slab FY 2024-2025 is a system wherein there is an assignment of different tax rates against the different income ranges.Further, the slab rates increase as the income of the person increases. This is because, in India we follow a progressi ve system and so, the tax rate increases with the increase in the income.
The current FY 2024-25 (AY 2025-26) has witnessed modifications in the income tax slabs under the new tax regime. The adjustments have increased the upper threshold in two brackets by Rs 1 lakh.
