Surcharge: The highest surcharge rate is 25% as opposed to 37% in the old. The new regime is the default tax regime. Income Tax Slab Rates for Individuals and HUF - FY 2024-25 (Old Regime) ... Budget 2024 has proposed a revision in the Tax Slab for new tax regime for FY 24-25. As a result, taxpayers choosing the new tax regime stand to gain as ...
5. Apart from the above, the rates will remain the same as those specified in Part II of the First Schedule to the Finance Act, 2023, for the purposes of deduction of income-tax at source during the FY 2024-25. 6. The surcharge on the amount of income-tax for the purposes of the Union is the same as that specified for the FY 2023-24.
*Highest surcharge rate was reduced to 25% from 37% under the new tax regime from FY 23-24. ... Marginal relief is also given if Income of Resident Assessee increases marginally by Rs.7,00,000/- for FY 24-25 & by Rs.12,00,000/- for FY 2025-26 under New Regime. This marginal relief of rebate is provided to assure that assessee is not deprived of ...
From 1st April 2023, the highest surcharge rate of 37% shall be reduced to 25% under the new tax regime. Surcharge Rates for Individual/HUF/AOP/BOI/ Artificial Judicial Person. Net Taxable Income limit: Surcharge Rate on the amount of income tax ... an individual has a total income of Rs.51 Lakhs in a FY 2023-24. He will have to pay taxes ...
Other Notable Points for Income Tax Slabs and Rates for AY 2025-26 (FY 24-25) 1. Surcharge and Cess: The income tax rates outlined above do not include the surcharge and health and education cess. A 4% health and education cess is applicable on the total tax payable. For incomes exceeding Rs. 50 lakh in FY 2024-25, the surcharge applies as follows:
Surcharge: Income is ₹60,00,000 (falls in ₹50 lakh – ₹1 crore slab). Surcharge = 10% of ₹16,12,500 = ₹1,61,250; Health and Education Cess: ... Default Regime From FY 2023-24. For FY 2024-25. As per the provisions of sub-section (1A) of section 115BAC of the Act, an individual or Hindu undivided family or association of persons ...
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) ... Old Regime Surcharge: New Regime Surcharge: Up to ₹50 lakh: Nil: Nil ₹50 lakh – ₹1 crore: 10%: 10% ₹1 crore – ₹2 crore: 15%: 15% ₹2 crore – ₹5 ...
Surcharge: The highest surcharge rate is 25% under the new regime as opposed to 37% in the old regime. Revised New Tax Regime: Key Changes and Their Impact ... Total tax in FY 2023-24 (AY 2024-25) Rs 75,400: Note: Please note that Rohit is an individual taxpayer assessee having an income tax exemption of Rs 2,50,000.
Summary: For the financial year 2024-25, individual income tax slabs in India have been revised, with changes aimed at making the new tax regime more appealing.Under the new regime, income up to ₹3 lakh is tax-free, with progressively higher rates up to 30% for incomes above ₹15 lakh. Key changes include a raised standard deduction of ₹75,000 for salaried individuals, an increased family ...
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 ... Rates of Surcharge:-Range of Income (Rs.) ... Rs. 1 Crore to Rs. 2 Crores: 15: Exceeding Rs. 2 Crores: 25: 3. Marginal relief may be available "Provided ...
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 ...
Now 24 months from 23 July 2024: Period reduced: Boost to RE market: 112A: ... Surcharge cap: Max 25% (was 37%) for income > ₹5Cr; Dividend Deduction: ₹25,000 allowed under 57 ... CA TOOLKIT: FY 2024–25 / AY 2025–26 Compliance & Planning. 1. Tax Planning Matrix – AY 2025–26 (Post FA 2025) ...
The surcharge rates for various income levels are as under: Net Taxable Income limit. Surcharge Rate on the amount of income tax . Before Budget 2023. After Budget 2023. ... (For FY 24-25 onwards) Standard deduction on such pension: ₹25,000 or 1/3rd of pension, whichever is lower. (For FY 24-25 onwards)
Surcharge: The highest surcharge rate is 25% under the new regime as opposed to 37% in the old regime. ... Budget 2024 has proposed a revision in the Tax Slab for new tax regime for FY 24-25. As a result, taxpayers choosing the new tax regime stand to gain as much as Rs.17,500.
25%. 25% > Rs.5 crore. 37%. 25%. Individuals, Partnership Firms, HUF, LLPs: If the income during a specific assessment year is Rs.1 crore or more, the; ... Surcharge for FY 2023-24. If the income exceeds Rs.50 lakh, a surcharge at the rate of 10% is applicable on the income tax paid for the popular category of taxpayers, subject to marginal ...
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 ...
Surcharges are applicable for higher income brackets as follow: Income Surcharge: Rate: 50 Lakhs to 1 Crore: 10%: 1 Crore to 2 Crore: 15%: ... 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. ...
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 ...
