Income Tax Rates for Domestic Company: FY 2024-25 (AY 2025-26) Company opts for section 115BAB (not covered in sections 115BAA and 115BA) & is registered on or after October 1, 2019, and has commenced manufacturing on or before 31st March 2024 and subject to the conditions specified in the section. Applicable from AY 2020-21 and onwards. 15%
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.
The Union Budget 2025 brought major changes to India’s income tax structure for the Financial Year (FY) 2025-26 (Assessment Year 2026-27). These revisions are designed to simplify the tax system and provide more relief to various categories of taxpayers, boosting economic growth. Income Tax Slab Rates for Salaried Employees
Compare the income tax slabs and rates for FY 2024-25 under the new and old regimes. Learn the key changes, benefits, and drawbacks of each regime and how to choose the best one for you.
Compare the income tax slabs and rates for the new and old tax regimes under Section 115BAC for FY 2024-25 and AY 2025-26. See the budget updates, deductions, exemptions and rebates for different age groups and financial assets.
With the recent announcements in Budget 2025, significant updates have been made to the income tax slabs for the Financial Year (FY) 2024-25 and Assessment Year (AY) 2025-26. This guide will help you understand the latest income tax slabs, compare the new and old regimes, and make informed decisions regarding your tax planning.
Income Tax Slabs Applicable to NRIs. ... 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 without indexation or 20% with indexation, depending on ...
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.
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.
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.
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 ...
Learn how to calculate income tax for FY 2024-25 under the New and Old Tax Regimes. See an example for ₹15 lakh income and compare the tax liabilities of both regimes.
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 ...
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 ...
These updated income tax slabs will be implemented starting April 1, 2025, for the financial year 2025-26. The new tax regime introduces a complete overhaul of the income tax slabs. 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 ...
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 ...
Find out the latest income tax slab rates for FY 2024-25 and FY 2025-26 under the new and old tax regimes. Compare the key features, benefits and drawbacks of each regime and learn how to calculate your tax liability.
