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: ... Under the new regime, the highest surcharge rate is 25%, whereas under the ...
Marginal Relief for Individuals. Case 1: Where the total income* is more than Rs.50 Lakhs but does not exceed Rs.1 crore, the taxpayers have to pay a surcharge at the rate of 10% on the income tax computed. *Here total income means the net income after all possible deductions or the taxable income.(Calculate your taxes here. According to the Income-tax provisions, a marginal relief will be ...
With the start of the new fiscal year (FY 2024-25), there will be some noteworthy changes. These changes will be implemented from April 1, 2024. ... Changes in the Surcharge Rate. The implementation of the new tax regime leads to a reduction in the surcharge rate from 37% to 25%. This is applicable for individuals with income exceeding Rs.5 Crores.
As per the new tax regime, the updated surcharge rate is 25%. Earlier, it was 37%. ... Are the surcharge rates the same for FY 2023-2024 and FY 2024-2025? Yes, the surcharge rates are the same for FY 2023-2024 and FY 2024-2025. Disclaimer. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to ...
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.
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) ... Old Regime Surcharge: New Regime Surcharge: Up to ₹50 lakh: Nil: Nil ₹50 lakh – ₹1 crore: 10%: 10% ₹1 crore – ₹2 crore: 15%: 15% ₹2 crore – ₹5 ...
CBDT Circular No. 03/2025-Income Tax on Salary TDS : New Rates, Exemptions, and Compliance for 2024-25. Summary: The CBDT has introduced significant updates to income tax deductions on salaries under Section 192 for FY 2024-25.Key changes include revised surcharge rates under the old tax regime, updated tax slabs for the new regime, and expanded definitions of salary and perquisites.
1.7 Rates for tax deduction/collection at source – During the financial year 2024-25, tax will be deducted at source under section 192/194P at the rate given. 1.7a Surcharge, Education Cess, Etc., in the Case of TDS/TCS – For the financial year 2024-25, these rates are as follows –
The income tax brackets for the Financial Year (FY) 2024-25 in India depend on the tax regime selected by the taxpayer. There are two options: the Old Tax Regime and the New Tax Regime. ... Surcharge: Income is ₹60,00,000 (falls in ₹50 lakh – ₹1 crore slab). Surcharge = 10% of ₹16,12,500 = ₹1,61,250; Health and Education Cess:
FY 2024-2025 Salary u/s 192/ Pension u/s 194P (New Tax Regime) New Tax Slab For Individuals (Men, Women,Senior Citizen & Super Senior Citizen) as per Section 115BAC of Income Tax Act-1961 ... Rates of Surcharge:-Range of Income (Rs.) ... Rs. 1 Crore to Rs. 2 Crores: 15: Exceeding Rs. 2 Crores: 25: 3. Marginal relief may be available "Provided ...
Reporting of Eligible ITC, Ineligible ITC & ITC reversal in GSTR-3B Section 87A Rebate & LTCG Tax under section 112A for FY 2024-25 Section 87A Rebate and STCG Tax Rules for FY 2024-25 Section 34: Understanding Credit Notes in GST Section 34: GST Debit Note – Meaning, Issuance and ITC Rules View More Published Posts
The highest surcharge rate is 25% under the new regime as opposed to 37% in the old regime. Revised Income Tax Slabs Under the New Regime: Key Changes and Their Impact. The slab rates is modified by the government for FY 2024-25. This has resulted in certain relaxations. The gist of changes made in the slab rates is given below:
However, Surcharge rates of 25% or 37%, will not be applicable to the income which is taxable under sections 111A (Short Term Capital Gain on Shares), 112A (Long Term Capital Gain on Shares), and 115AD (Tax on the income of Foreign Institutional Investors). Therefore, the highest surcharge rate on the tax payable for such incomes will be 15%.
Income Tax Slabs 2024-25 Old Tax regime: For the financial year 2024-25, the income tax slabs and rates in the table apply to individuals, including residents below 60 years of age, non-residents ...
Surcharge is an additional tax levied on the income tax of certain taxpayers. Find how surcharge rates vary for different categories & income brackets, & how to choose the best tax regime. ... Comparing Old and New Tax Regimes for AY 2024-25. Jayant Kulkarni. Suvit. ... Suppose you are an individual with a total income of Rs. 1,00,10,000 for ...
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 ...
After much anticipation, the Central Board of Direct Taxes (CBDT) has notified the new ITR-1 (Sahaj) and ITR-4 (Sugam) forms for Assessment Year 2025–26 (Financial Year 2024–25) on 29th April ...
Income Tax Rate to Local Authority for FY 2023-24 (AY 2024-25) Local authority is taxable at 30%. Surcharge : The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees .
