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:
Compare the revised income tax slabs for FY 2024-25 under the new and old tax regimes in India. The new regime offers lower rates, higher deductions, and a rebate, while the old regime has more exemptions and deductions but higher rates.
Income Tax Slabs for AY 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. It offers concessional tax rates while limiting the number of exemptions and deductions that can be claimed.
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.
Learn the income tax slabs and rates for FY 2024-25 under the new and old regimes, and the key changes and impacts. Compare the two regimes and choose the one that suits your income and deductions.
Learn about the new tax regime under Section 115BAC of the Income Tax Act, 1961, with lower rates and higher deductions. Compare the tax slabs and benefits for AY 2024-25 and 2025-26 with the old regime and other sections.
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 ...
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 ...
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 ...
The new tax regime is now the default option for all taxpayers under the amended Section 115BAC. However, individuals and businesses still retain the choice to opt for the old tax regime if it proves more beneficial for them. Let’s analyse and compare the old and new tax regimes under different scenarios. Slab Rates For FY 2024-25 Under the ...
New Tax Regime: In the Union Budget of 2020, the Finance Minister introduced new tax slabs as an alternative. Further, budget 2025 proposed changes to the new income tax regime, and now taxpayers have seven different tax slabs. ... Slabs for Other Entities As Per Old and New Regime For FY 2024-25. While individuals are taxed as per the income ...
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 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 ...
Finance Minister Nirmala Sitharaman has announced changes in the income tax slabs and rates for the new tax regime effective from FY 2024-25. Check the latest income tax slabs, standard deduction, surcharge and rebate details for both new and old tax regimes.
Current Income tax slabs under new tax regime for FY 2024-25 (AY 2025-26) Income tax slabs (Rs) Income tax rate (%) From 0 to 3,00,000: 0: From 3,00,001 to 7,00,000: 5: From 7,00,001 to 10,00,000: 10: From 10,00,001 to 12,00,000: 15: ... Income tax slabs for FY 2024-25: The finance minister Nirmala Sitharaman has not announced any change in the ...
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 ...
The Income Tax Department has introduced new ITR-1 and ITR-4 forms for FY 2024-25, simplifying tax filing for individuals with long-term capital gains up to Rs 1.25 lakh from listed equities.
