Income Tax Slab for FY 2024-25 & AY 2025-26 (New & Old Regime Tax Rates)
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.
Income Tax Slab for AY 2024–25: A Detailed Guide - jurishour.in
Key Changes in AY 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
Rates of income-tax for assessment year 2024-25 & 2025-26 - Tax Guru
For AY 2025-26, new tax rates are introduced for individual and HUF incomes under section 115BAC (New Tax Regime), including nil for incomes up to Rs. 3 lakh, and rising to 30% for incomes above Rs. 15 lakh. For the Assessment Year (AY) 2025-26, the income tax slabs for individuals and Hindu Undivided Families (HUFs) have been revised as follows:
Income Tax Slabs FY 2025-26: New vs Old Regime Explained
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: ... Are the income tax slabs different for senior and super senior citizens in AY ...
Income Tax Slabs FY 2023-24 & AY 2024-25 (New & Old Tax Slab) - ET Money
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. They are categorized based on their annual turnover or the total gross revenue they make in a year. 3.1 Tax Slab Rates for Domestic ...
Income Tax Slab Rates For FY 2024-25 And AY 2025-26
This guide offers a detailed breakdown of the current slab rates for FY 2023-24 and FY 2024-25, compares the old and new tax regimes, explains NRI taxation rules, outlines corporate tax implications, and provides effective tax-saving strategies.
Income Tax Slab in India for Financial Year 2024-25 (AY 2025-2026)-New ...
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.
Income Tax Slab Changes: Income Tax Slab for AY 2024-25 - Actax India
The tax slab for AY 2024-25 and FY 2023-24 (new regime and old regime) for senior citizens having income from business/profession, under the age of 80 years, but above the age of 60 years (irrespective of their residential status) has been displayed in the section hereunder.
Income Tax Slab FY 2024-25 and AY 2025-26 - TaxHelpdesk
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.
Income Tax Slabs for FY 2024-25 (AY 2025-26): An Example Calculation ...
New Tax Regime; 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% ...
Understanding Income Tax Slabs & Rates for FY 2024-25 (AY 2025-26)
Here’s a deep dive into the income tax slabs & rates, the differences between the old and new regimes, and key capital gains tax updates for FY 2024-25 (AY 2025-26). Income Tax Slabs & Rates – New vs. Old Regime . The Budget 2024 has brought updates to the income tax slabs under the new tax regime, while the old tax regime remains unchanged.
Finance Act 2025 vs. 2024: Key Amendments Compared - Tax Guru
As your Chartered Accountant, I’d like to update you on key income-tax changes applicable from FY 2024–25 (AY 2025–26) ... Please review the following highlights and contact us for personalised planning. Income-tax Slabs – New Regime (Default): Income Slab: Rate ₹0–3,00,000: Nil ₹3–6L: 5% ₹6–9L: 10% ₹9–12L: 15% ₹12 ...
Income Tax Slab for FY 2024-25 & AY 2025-26 (New & Old Regime Tax Rates ...
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.
Income Tax Slabs 2024-25 - Times of India
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.
Income Tax Slabs and Rates – FY 2024-25, AY 2025-26 - Max Life Insurance
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 Slab for FY 2024-25 (AY 2025-26) - taxconcept.net
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.
New Income Tax Slab and Rates - FY 2025-26 (AY 2026-27) | FY 2024-25 ...
Current Income tax slabs under new tax regime for FY 2024-25 (AY 2025-26) Income tax slabs (Rs) Income tax rate (%) From 0 to 3,00,000: 0: From 3,00,001 to 7,00,000: 5: From 7,00,001 to 10,00,000: 10: From 10,00,001 to 12,00,000: 15: ... Income tax slabs for FY 2024-25: The finance minister Nirmala Sitharaman has not announced any change in the ...
Income Tax Rules Changing from April 1, 2025: Full Breakdown of New ...
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. ... The Budget 2024 announcement also featured some additional good news for salaried individuals in the form of an increase in the standard deduction to Rs. 75,000 for AY 2025-26. Till AY 2024-25, standard ...
New income tax slabs under the new tax regime - The Economic Times
With the start of the new financial year, many income tax changes will take effect; understanding the latest income tax slabs will help you select the tax regime that works best for you. Here are the income tax slabs under the new tax regime and old tax regime for FY 2025-26 (AY 2026-27), i.e., between April 1, 2025 and March 31, 2026.