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 ...
Yes. The new tax regime has been revised in the Budget 2024 for FY 24-25. Can we save tax on the new tax regime? Budget 2024 has proposed a revision in the Tax Slab for new tax regime for FY 24-25. As a result, taxpayers choosing the new tax regime stand to gain as much as Rs.17,500.
Income Tax Slabs for FY 2024–25 New Tax Regime (Default) The New Tax Regime, introduced in 2020, is now the default system for computing income tax, unless the taxpayer specifically opts for the old regime. ... ₹1.5 lakh in 80C deductions, ₹25,000 in 80D (health insurance), and ₹2 lakh housing loan interest under Section 24 could see ...
Income Tax Slabs and Rates for FY 2024-25 as per the Old Regime. Income Tax Slabs and Rates for FY 2024-25 as per the New Regime. ... The highest tax rate of 30% will be applied to incomes beyond Rs 24 lakh under the proposed tax structure, rather than the present Rs 15 lakh. Income Tax Slabs. Income Tax Rates.
There are two options: the Old Tax Regime and the New 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. ... Default Regime From FY 2023-24. For FY 2024-25. As per the provisions of sub-section ...
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.
₹20,00,000 – ₹24,00,000. 25% ₹24,00,000 & above. 30%. Increased Tax Rebate Limits in Budget 2025. ... Income Tax Slab Rates for FY 2024-25 (AY 2025-26) Based on Residential Status. Income Tax Rate for Resident Individuals and Hindu Undivided Families (HUF) Old Tax Regime.
Key Features of the New Tax Regime: No Deductions or Exemptions: Popular deductions under Section 80C, 80D, and HRA exemptions cannot be claimed.; Standard Deduction: From FY 2023-24, the New Tax Regime allows a standard deduction of ₹50,000 (Increased to 75000 w.e.f FY 2024-25) for salaried individuals.; Rebate under Section 87A: The rebate is available for income up to ₹7 lakh, making ...
Income Tax Slab FY 2024-2025 rates under the Income Tax Act help in calculating the tax liability on the income of the person. ... Old Tax Regime (FY 2022-23, FY 2023-24 and FY 2024-25) New Tax Regime : Income Tax Slabs : Below 60 years : Between 60-80 years : Above 80 years ...
Income Tax Slabs for FY 2024-25 (AY 2025-26) – New Regime. The new tax regime is now the default choice unless taxpayers specifically opt for the old regime. One of the biggest updates in Budget 2025 is that income up to ₹12 lakh is tax-free. ... 20,00,001 - 24,00,000: 25%: Above 24,00,000: 30% . Key Features of the New Regime: Higher tax ...
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 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.
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% ...
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.
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. 30% Tax Slab Threshold
Here’s a deep dive into the income tax slabs & rates, the differences between the old and new regimes, and key capital gains tax updates for FY 2024-25 (AY 2025-26). Income Tax Slabs & Rates – New vs. Old Regime . The Budget 2024 has brought updates to the income tax slabs under the new tax regime, while the old tax regime remains unchanged.
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 2025-26: Check the latest Income Tax Slab Rates for FY 2025-26 (AY 2026-27) on ET Wealth by The Economic Times. ... Following are the income tax slabs under new tax regime for FY 2023-24 (AY 2024-25) that will be used for ITR filing: Income tax slabs (Rs) Income tax rate (%) From 0 to 3,00,000: 0: From 3,00,001 to 6,00,000: 5 ...
