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New Regime Tax Rates for FY 2024-25: Up to Rs.3 lakh - NIL; Rs.3 lakh - Rs.7 ... If you're filing your income tax return for FY 2024-25, these are the tax slabs that apply to the income earned between 1st April 2024 and 31st March 2025. ... you need to calculate your age by comparing your date of birth with the current date (April 1, 2025). If ...

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.

Know the current slabs to calculate your tax payable. You can get the assistance of our e-CAs for easy filing of your returns. ... Income Tax Slab Rates for FY 2024-25(AY 2025-26) Based on Residential Status. Income tax rate for resident individual and HUF. Old Regime; Slabs (Rs.) Individuals

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.

NOTE: The income tax exemption limit is up to Rs 2,50,000 for Individuals, HUF below 60 years aged, and NRIs.; Surcharge and cess will be applicable. Key Features of the New Income Tax Regime for FY 2024-25. 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 ...

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

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.

Here is an overview of the income tax slab rates for FY 2024-25 (AY 2025-26): New Tax Regime Until 31st March 2024: The new tax regime offers lower tax rates but does not offer many deductions and exemptions available under the old regime. These are the tax slab rates under the new tax regime for FY 2024-25 (AY 2025-26):

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. ... However, there aren't many exemptions or deductions available under the current income tax system. It's important to remember that under the former ...

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.

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 ...

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% ...

For example, a hypothetical single filer would owe 10% on the first $11,600 of taxable income in 2024 whether that amount represents their total earnings, or they earn $1 million. The next tax bracket is 12% of taxable income levels between $11,601 to $47,150. The tax rates continue to increase as someone’s income moves into higher brackets.

The tax brackets you fall into determine how much you owe the IRS at tax time. For tax year 2024 (filing in 2025), there are seven brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. That will remain ...

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 ...

Know about the income tax slab rates for the FY 2024-25 and 2025-26. Get the information about the old and new income tax slabs for individuals, senior citizens and super senior citizens on Groww. ... Current Tax Slabs under the New Tax Regime for FY24-25. Here are the current income tax slabs under the new tax regime for the financial year ...

Latest Update on Income Tax Slabs in India . The income tax structure in India follows two regimes—the old tax regime with deductions and the new tax regime with lower tax rates but fewer exemptions. The government revises tax slabs periodically to align with economic conditions and ease the tax burden on individuals. For FY 2024-25 (AY 2025-26), the new tax regime continues as the default ...

If you haven't filed your 2024 federal income tax return (for most, that was due April 15, 2025) Here are the inflation-adjusted tax brackets for the 2024 tax year. Swipe to scroll horizontally

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. ...