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.
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):
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
In this article, we’ll cover the latest income tax slab rates for individuals, HUFs, firms, companies, trusts, and societies, along with a comparison of the new vs. old tax regime to help you choose the best option. Income Tax Slab Rates for Individuals & HUFs New Tax Regime (FY 2024-25 / AY 2025-26)
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.
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.
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 ...
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.
Understanding the complexities of income tax is essential for individuals and businesses. This article provides a comprehensive breakdown of income tax slabs for AY 2024-25 and FY 2023-24, covering both the new and old tax regimes.. While the new regime offers simpler calculations, the old regime might still be beneficial for those eligible for deductions.
Income Tax Rates for FY 2023-24 (AY 2024-25) proposed in Budget 2023. ... Other Artificial Juridical Person – Old Tax Regime for FY 2023-24 (AY 2024-25) Net Income Range: Rate of Income Tax: ... New Tax Regime for AY 2024-25 and onwards: No. of Slabs Rates: Six: Five: Basic Tax Exemption: Upto 2,50,000: Upto 3,00,000:
The changes in the income tax slabs in July 2024 budget raised the upper limit in two slabs by Rs 1 lakh. The Rs 3 lakh-Rs 6 lakh slab has become Rs 3 lakh-Rs 7 lakh; and the Rs 6 lakh-Rs 9 lakh slab has become Rs 7 lakh-Rs 10 lakh. Current Income tax slabs under new tax regime for FY 2024-25 (AY 2025-26)
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.
A. Simplified Personal Tax Regime for AY 2024-25 For the AY 2024-25, the basic exemption limit for New Tax Regime has been increased to Rs. 3 lakhs and number of tax slabs have bene reduced to five as under:
New Income Tax Slabs under the New Regime (FY 2025–26) From April 1, 2025, the new income tax regime will be the default option. ... 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 ...
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. ...
