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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 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)

Income Tax Slabs under New Tax Regime u/s 115BAC. Tax rates for Individual (resident or non-resident) less than 60 years of age, senior citizens (60-80 years), and super senior citizens above 80 years:

Key Changes in AY 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

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 ...

Slab Rates For FY 2024-25 Under the Old Tax Regime. Income Range (₹) Tax Rate: Tax Calculation: Up to ₹2,50,000: 0%: Nil ₹2,50,001 – ₹5,00,000: 5%: 5% of income above ₹2.5L ... Once Form 10-IEA is submitted, the taxpayer cannot switch back to the new regime for that same financial year.

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.

Tax Slab under New Tax Regime FY 2024-2025. 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.

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 ...

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 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 and the New Tax Regime. Here are the income tax slabs for FY 2024-25 (Assessment Year 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.

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. Below is the revised tax slab structure for FY 2024-25 (AY 2025-26):

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 ...

For the financial year 2024-25 (assessment year 2025-26), you have option to choose between old tax regime and new tax regime. Income tax slabs and tax rates are different under both the regime. In this article, you will learn income tax slabs and tax rates applicable to an individual under both regimes.

Latest Update on Income Tax Slabs in India . The income tax structure in India follows two regimes—the old tax regime with deductions and the new tax regime with lower tax rates but fewer exemptions. The government revises tax slabs periodically to align with economic conditions and ease the tax burden on individuals. For FY 2024-25 (AY 2025-26), the new tax regime continues as the default ...

Comparison between Tax on income of ₹12,00,000 in FY 2024-25 (AY 2025-26) and FY 2025-26 (AY 2026-27) for individual taxpayers. Summary: Under Union Budget 2024, there were six tax slabs under New Regime giving a tax-free slab of ₹3,00,000 for individuals in comparison to Union Budget 2025, giving a tax-free slab rate of ₹4,00,000 to the individuals.

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 ...

FY 2024-2025 Salary u/s 192/ Pension u/s 194P (New Tax Regime) New Tax Slab For Individuals (Men, Women,Senior Citizen & Super Senior Citizen) as per Section 115BAC of Income Tax Act-1961; Total Income (Rs.) ... 25: 3. Marginal relief may be available