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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, ...

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 ...

Let us understand income tax slab rates under the old regime and the new regime using the following illustrations. The following examples also explain the tax slab rates of FY 2025-26 along with FY 2024-25: Case -1: When the Income is Rs.10 lakhs Particulars of Income and Deductions. Salary Income: 10 lakhs. Deductions available: HRA - Rs.1,60,000

The Indian government has implemented significant changes to the income tax structure for the Assessment Year (AY) 2024–25. These changes aim to offer relief to individual taxpayers, simplify tax compliance, and enhance disposable income. One of the most impactful revisions is the overhaul of the New Tax Regime, which has now become the default choice for taxpayers.

Yes, Budget 2024 has changed the income tax slabs effective FY 2024-2025 under the new income tax regime. You can check the latest income tax slabs in the table in this article. What is the ...

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.

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. ... Income Tax Slabs FY 2025-26.

The last date to file an income tax return for FY 2024–25 is July 31, 2025; ITR-1 applies to resident taxpayers with total income up to Rs 50 lakh; ... The last date to file an income tax return for the financial year 2024–25 is July 31, 2025, while late filing can attract a penalty.

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 for FY 2024-25 (AY 2025-26) Under Old Regime. There were no changes made to the tax slabs under the old regime in the budget 2024. The tax slabs under the old regime are as follows: Old Tax Regime Slabs: Income Slabs: Individuals Below 60 Years and HUF:

Understanding the new income tax framework for FY 2024-25 and FY 2025-26 will help you make smarter financial decisions. Using the government’s Income Tax Calculator ensures you select the most tax-efficient option based on your financial profile. Assess your income, deductions, and tax slabs carefully to navigate this new system effectively.

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%) = ₹20,000

Please Note: Arizona law allows QCO donations made during 2024 or donations made from January 1, 2025 through April 15, 2025 to be claimed on the 2024 Arizona income tax return. The maximum credit that can be claimed on the 2024 Arizona return for donations made to QCO's is $470 for single, married filing separate or head of household taxpayers ...

The July 2024 budget introduced modifications to the new tax regime, increasing the upper limit in two slabs by ₹1 lakh each, making it more beneficial for taxpayers.. Features of the New Tax Regime (FY 2025-26 and AY 2026-27) Budget 2025 has revised the income tax slabs and rates under the new tax regime for FY 2025-26 (AY 2026-27).

As mentioned earlier, old tax regime income tax slabs in AY 2025-26 (FY 2024-25) have remained the same as Assessment Year 2024-25. Here are the summarized income tax brackets for FY 2024-25 for taxpayers in India under the old tax regime: 1. Zero tax liability for individuals with income in the tax bracket of less than 2.5 lakh rupees.

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 ...

Income tax ITR forms for FY 2024-25 notified: The Central Board of Direct Taxes (CBDT) has notified some income tax return forms. ... etc. This inconvenience is reduced with the new Form ITR-1 for FY 2024-25 (AY 2025-26), incorporating a small section for reporting the income in the nature of long-term capital gains on which tax is not payable ...

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 ...