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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.

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 ...

Key Changes in FY 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

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: Income tax slabs (Rs)

With the new income tax slab for FY 2024-25, taxpayers can make an informed decision between the old and new tax regimes. The new regime allows lower tax rates with minimum exemptions such as Section 80JJAA, Section 80CCD(2) Section 80CCH(2), while the old regime retained deductions/exemptions like Section 80C, Section 80D, Section 80EE, etc ...

India’s income tax system for FY 2024-25 offers two regimes—the New Tax Regime and the Old Tax Regime. Taxpayers can choose between the two based on their financial situation and available deductions. ... For FY 2024-25, the tax slabs under the New Regime are as follows: Calculation Example. Gross Income: ₹15,00,000 Standard Deduction ...

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 ...

Income Tax Slab Rates FY 2023-24 vs. FY 2024-25. Here are the key differences in the income tax slab rates between FY 2023-24 (AY 2024-25) and FY 2024-25 (AY 2025-26): No change for income up to Rs.3 Lakh: Both fiscal years have no tax for income up to Rs.3 Lakh. Slab expansion:

The old tax regime's income tax slabs remain unchanged in the July Budget 2024, whilst modifications are made to the new tax regime. For FY 2024-25 (April 1, 2024, to March 31, 2025), taxpayers ...

Right from the starting of the new Financial Year 2024-25 that has began from 1 st April, 2024 it is important for the taxpayers to know about the income tax rates as well as income tax slabs applicable to them – both under the old tax regime and new tax regime.Further, it is also important to note that from the FY 2023-24, the new tax regime has become the default tax regime.

Here are the income tax slabs for FY 2024-25 (Assessment Year 2025-26): Old Tax Regime For FY 2024-25. The old tax regime allows various deductions and exemptions but has higher tax rates. Standard Deduction. Amount: ₹50,000; Applicability: Available to salaried individuals and pensioners.

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 & Rate for FY 2024-25 Updated on April 23, 2025 , 208818 views. In India, income tax is charged based on an individual’s Income.These tax rates are based on the Range of income called income slabs. The more the income, more the tax. The tax slabs tend to undergo a change during every budget.

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%: Above ₹12 lakh: 20%: Individuals earning below ₹7 lakh get full tax relief through rebate under Section 87A, effectively making their tax liability zero.

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.

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. Here are the revised tax slabs:

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.

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 ...

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 ...