Income Tax Slab and Rates for FY 2024-25 (AY 2025-26) After Budget 2024. The income tax slabs for FY 2024-25 (AY 2025-26) have been revised after Budget 2024. The 30% tax rate now applies to income above ₹24 lakh instead of ₹15 lakh. There are also discussions on reintroducing deductions to benefit taxpayers.
Key Changes in FY 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
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.
All you need to know about New Tax Regime: The Income Tax slab rates for the new tax regime, applicable to Individuals and HUFs for the Assessment Years 2024-25 and 2025-26, are as follows: New Tax Regime; Taxable Income Tax Rate; Up to Rs. 3 Lakh: Nil: 3 Lakh to 6 Lakh: 5% : 6 Lakh to 9 Lakh: 10%: 9 Lakh to 12 Lakh:
New Tax Regime: Check out here all the frequently asked questions about the new income tax regime for FY 2024-25 slabs, calculator, and deductions for salaried employees. Latest Budget brought in many surprising changes to the new tax regime. In this article, we've addressed some key questions about these changes.
The Finance Act 2023 amended Section 115BAC, making the new tax regime the default option from AY 2024-25 (FY 2023-24 onwards) for: Individuals; HUFs (Hindu Undivided Families) ... 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%:
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 & Rates for FY 2024-25 (AY 2025-26) Income tax in India works on a slab system, which means your tax rate increases as your income rises. Every year, taxpayers get to decide between the old and new tax regimes, which significantly affects their financial planning. This guide aims to clarify the income tax slabs for the current ...
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 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 2024-25 New Tax Regime: In the new income tax regime, the rebate eligibility threshold is set at Rs 7,00,000, allowing taxpayers to claim a rebate of up to Rs 25,000. Moreover ...
Compare the tax liability under the old regime, the 2024 regime, and the new 2025 tax slabs: Income (₹) ... 25,87,500: 27,22,500: 25,57,500: Understanding Your Income Tax. Navigating the world of income tax can be daunting, especially for salaried individuals and students who are just starting their careers. At Talentd, we aim to provide you ...
Tax payable on Rs. 12 lakh is Rs. 60,000, per the income tax slab rates under the new tax regime announced in the Budget 2025. 6. The taxpayer claims the section 87A tax rebate of Rs. 60,000, reducing the net tax liability to nil. ... Clause (ii): Applicable for financial tear 2024-25; Clause (iii): Applicable from financial year 2025-26 ...
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 which is more beneficial.
Income Tax New Regime Vs Old Regime: As the assessment year 2025-26 has starts, the ITR filing season 2025 is going to take off soon, with the government likely to notify income tax return forms in a few days. Taxpayers are once again faced with the important choice between the old and new income tax regimes. For the financial year 2024-25 (AY2025-26), understanding the tax liability under ...
Income Tax Slab 2024-25: In a notable update to the income tax regime, the standard deduction for taxpayers opting for the new income tax structure has been increased from Rs 50,000 to Rs 75,000.
As your Chartered Accountant, I’d like to update you on key income-tax changes applicable from FY 2024–25 (AY 2025–26) ... Please review the following highlights and contact us for personalised planning. Income-tax Slabs – New Regime (Default): Income Slab: Rate ₹0–3,00,000: Nil ₹3–6L: 5% ₹6–9L: 10% ₹9–12L: 15% ₹12 ...
