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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.

Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. An individual must choose the tax regime which lowers their income tax outgo.

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 ...

Tax rate before 23 rd July 2024: 15%: 10%: 5: Tax rate on or after 23 rd July 2024: 20%: 12.50%: 6: Threshold benefit: Nil: 1,25,000/-7: Benefit of basic exemption limit: Benefit is available: Benefit is available: 8: Benefit of Ch-VI(A) deductions: Benefit is not available: Benefit is not available: 9: Benefit of rebate u/s. 87A: Benefit is ...

For FY 2024-25 (April 1, 2024, to March 31, 2025), taxpayers opting for the old tax regime will be subject to identical tax rates as applicable in FY 2023-24 (April 1, 2023, to March 31, 2024).

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 ...

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%: ... Tax Rate: Tax Amount: Up to ₹4 lakh: No tax ₹0 ₹4 lakh – ₹8 lakh: 5% ₹20,000 ₹8 lakh – ₹12 lakh: 10% ₹40,000: Above ₹12 lakh (₹1,25,000) 20%

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):

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 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 ...

Tax Rate: 0 to 2.5 Lakhs: 0%: 2.5 to 5 Lakhs: 5%: 5 to 10 Lakhs: 20%: More Than 10 Lakhs: 30%: ... Other changes and updates provided in Budget for FY 24-25 related to Tax slabs, Capital gains, Higher TCS threshold for foreign remittances, Standardized tax year, are to be complied by NRIs. ... For FY 2024–25, you can choose between 12.5% LTCG ...

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 ...

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 deduction was fixed at Rs. 50,000. 🚨 BIG Tax Changes Coming? 🚨 The Income Tax Bill 2025 Reveals It All! 📖 Click Here. 2.

Here's a full rundown on tax rates, tax brackets, credits, and more for tax year 2025. ... They’ll charge up to 25% on top of what you owe if you don’t file on time. ... Go ahead and file your taxes for tax year 2024 (no, the IRS isn’t going anywhere anytime soon). ...

How much of the budget is being cut? The board is cutting the overall county budget by 2.6% from fiscal year 2023. While some other counties are taxing as much as they are allowed under state law ...

The new limit of ₹12,00,000 for the new tax regime in FY 2025-26 offers substantial tax relief compared to the previous ₹7,00,000 threshold for FY 2024-25. Income from Capital Gains and Section 87A Income from special rate sources, such as long-term capital gains (LTCG) and short-term capital gains (STCG), is not eligible for the Section ...

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 ...

Based on the 2024 Maricopa County Assessor’s valuations, the property tax levy from new construction willbe $15.3 million for FY24-25. On May 28th, 2024, the Governing Board will be asked to approve shifting a portion of the secondary tax rate to the primary tax rate. The tax shift will generate an estimated $5.8 million in

4 th straight year property tax rate will go down. Maricopa County supervisors are cutting the property tax rate for a fourth straight year while trimming the overall county budget by 11%. The tentative FY 2025 budget, approved unanimously today, demonstrates the Board’s commitment to easing the burden on families and individuals at a time of persistently high prices and statewide financial ...