How to Use the Income Tax Calculator for FY 2024-25 (AY 2025-26) and FY 2025-26 (AY 2026-27)? Following are the steps to use the tax calculator: Step 1: Choose the financial year for which you want your taxes to be calculated. Step 2: Select your age accordingly. Tax liability under the old regime differs based on the age groups.
ITR Filing for FY 2024-25 (AY 2025-26): e-Filing of Income Tax Returns online made easy with ClearTax to get maximum tax refund. Income Tax login, upload Form-16, view/download Form 26AS, review your TDS deductions & track refund status for Income Tax Filing in India.
Here's a detailed breakdown of the income tax slabs and changes for FY 2024-25 (AY 2025-26). ... ClearTax: Income Tax Slabs for FY 2024-25 (New and Old Regime Tax Rates)ClearTax offers a detailed explanation of the revised income tax slabs under the new regime, including a comparison with the old regime. It also provides insights into which ...
Utilize trusted e-filing platforms such as the official portal, ClearTax, or Tax2Win to avoid technical glitches. Ensure you have digital signature or Aadhaar-based verification ready to expedite the process. ... Switching New to the Old Income Tax Regime in FY 2024-25 (AY 2025-26) at the time if filing of return ... CMA India 2025 Course ...
The last date to file income tax return for financial year 2024–25 is July 31, 2025, while late filing can attract a penalty. (Photo: Getty) India Today Business Desk. New Delhi, UPDATED: May 1, 2025 11:29 IST. Written By: Jasmine Anand. In Short. ITR forms 1 and 4 have been released for AY 2025–26; The last date to file an income tax ...
It’s the year when you file your income tax return. For instance, if you earned income between April 1, 2023, and March 31, 2024 (the Financial Year 2023-24), it will be assessed in the Assessment Year 2024-25. Therefore, AY 2024-25 refers to the assessment of your earnings from the Financial Year 2023-24. What is a Financial Year (FY)?
The income tax e-filing portal is expected to enable return filing for FY 2024-25 soon, both online and offline. Taxpayers must choose the correct ITR form based on their income type and financial profile. Not everyone can use ITR-1 or ITR-4. The department issues different forms to match the complexity of taxpayers’ incomes.
New Income Tax Regime FY 2024-25 Key Features. The key features of the new tax regime for FY 2024-25 is as follows: Default tax regime: It is the default tax regime. If individuals want to choose the old regime then they have to file Form 10-IEA. Basic exemption limit: The basic exemption limit is Rs. 3 lakhs for everyone irrespective of their age.
The Indian government has implemented significant changes to the income tax structure for the Assessment Year (AY) 2024–25. These changes aim to offer relief to individual taxpayers, simplify tax compliance, and enhance disposable income. One of the most impactful revisions is the overhaul of the New Tax Regime, which has now become the default choice for taxpayers.
The last date to file ITR for FY 2023-24 (AY 2024-25) is July 31, 2023, unless the authorities issue an extension related to this. Rajiv Dogra. Rajiv is an independent editorial consultant for the last decade. Prior to this, he worked as a full-time journalist associated with various prominent print media houses. ... ClearTax Chronicle is an ...
Advisory: Information relates to the law prevailing in the year of publication/ as indicated .Viewers are advised to ascertain the correct position/prevailing law before relying upon any document. Disclaimer:The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances.
Calculate online Comparison of Your Income Tax outgo in FY 2025-26 (AY 2026-27) & FY 2024-25 (AY 2025-26), Impact of Budget on Tax payable with Eligible Deductions and without Exemptions (under New Regime of tax rates / slabs as per proposed in Budget on 01 Feb 2025 for Salaried / Pensioner, Individuals (aged below 60, Sr. Citizen, Super Sr. Citizen) with standard deduction Rs. 50000 ...
NPS Contribution: The deduction limit on employer's contribution to NPS is 14% for FY 2024-25. Surcharge: The highest surcharge rate is 25% as opposed to 37% in the old. The new regime is the default tax regime. Income Tax Slab Rates for Individuals and HUF - FY 2024-25 (Old Regime) There were no changes made to the tax slabs under the old regime.
Income Tax Rates for FY 2023-24 (AY 2024-25) proposed in Budget 2023. Introduction . This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for ...
( AY 2025-26 and AY 2026-27) New Tax Regime (Section 115BAC) (AY 2025-26 and AY 2026-27) Deduction Calculation: 33.33% of family pension income or ₹15,000, whichever is lower. 33.33% of family pension income or ₹25,000, whichever is lower. Maximum Deduction Limit ₹15,000 ₹25,000: Applicability: Applies to all taxpayers receiving family ...
This inconvenience is reduced with the new Form ITR-1 for FY 2024-25 (AY 2025-26), incorporating a small section for reporting the income in the nature of long-term capital gains on which tax is not payable due to the exemption provided in Section 112A. However, in cases, where the taxpayer earns long term capital gains under Section 112A ...
The document outlines the income tax slabs for FY 2024-25 and AY 2025-26 in India, detailing both the new and old tax regimes. Key changes in the new regime include revised tax slabs, increased standard deductions, and enhanced family pension deductions, allowing for potential tax savings for salaried employees. The document also explains the differences in tax rates and exemptions available ...
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.
Step 3a: In the Basic Calculator tab, enter the required details such as AY, taxpayer category, age, residential status, total annual income and total deductions. The tax calculation as per the details entered by you will appear in the Tax Summary section.
