For the assessment years 2024-25 and 2025-26, tax rates under the old tax regime for individuals, HUFs, AOPs, BOIs, and artificial juridical persons offer an exemption limit of ₹2.5 lakh, with slabs of 5% on income between ₹2.5 lakh and ₹5 lakh, 20% on income between ₹5 lakh and ₹10 lakh, and 30% on income above ₹10 lakh. For senior citizens (60-80 years), the exemption limit is ...
• The highest surcharge rate has been reduced from 37% to 25% under the new tax regime. • Standard deduction for salaried individuals has been increased to Rs.75,000. Income Tax Slabs for FY 2024-25 (AY 2025-26) – New Tax Regime. The government revised the income tax slabs for FY 2024-25 under the new tax regime.
Here are the income tax slabs under the new tax regime and old tax regime for FY 2025-26 (AY 2026-27), i.e., between April 1, 2025 and March 31, 2026. ... 25: 24,00,001 and above: 30: The new income tax slabs under the new tax regime hiked the basic exemption limit from Rs 3 lakh to Rs 4 lakh. This means that individuals having a total income ...
New Tax Regime; 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% ...
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.
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:
What are the new income tax slabs, rates after interim Budget 2024 for FY 2024-25? Income tax slabs for FY 2024-25: The finance minister Nirmala Sitharaman has not announced any change in the income tax slabs and income tax rates in her interim budget. An individual having no business income will require to select between old and new tax regime ...
The income tax slabs are revised periodically, typically during each budget. With the upcoming Budget 2025, there are many expectations for changes in tax slabs to further adjust for current economic conditions. Income Tax Slabs for FY 2024-25 (AY 2025-26) and FY 2023-23 (AY 2024-25) Under New Regime
Income Tax Slab FY 2024-2025 is a system wherein there is an assignment of different tax rates against the different income ranges.Further, the slab rates increase as the income of the person increases. This is because, in India we follow a progressi ve system and so, the tax rate increases with the increase in the income.
Slab Rate FY 2024-25 | AY 2025-26. New Slabs New Tax Regime . 0-3L Nil . 3-7L 5% . 7-10L 10% . 10-12L 15% . 12-15L 20% . Above 15L 30%. No Change in slabs of Old Tax Regime. Standard Deduction to Salaried employees has also been increased to 75000 from 50000. Slab Rate FY 2023-24 | AY 2024-25. Old Tax Regime. Net income range: Resident Super ...
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. 30% Tax Slab Threshold
New Tax Slab For Individuals (Men, Women,Senior Citizen & Super Senior Citizen) as per Section 115BAC of Income Tax Act-1961 ... 25: 3. Marginal relief may be available "Provided that where the total income of the assessee is chargeable to tax undersub-section (1A) of section 115BAC, and the total income - ... It is deductible from income-tax ...
The rebate under section 87A for the taxpayers opting for the new tax regime for FY 2025-26 has been increased from Rs.25,000 to Rs.60,000. This means that the taxpayer can now enjoy a tax-free income of upto Rs.12 lakhs. Earlier, this limit was Rs. 7 lakhs. However, the tax rebate for taxpayers opting for the old tax regime is Rs.12,500.
The old tax regime refers to the previous income tax system, which follows the earlier tax slabs and allows for various deductions and exemptions (under Section 80C, 80D, HRA, 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%:
Starting April 1, 2025, several key changes in income tax rules will come into effect, impacting salaried individuals, senior citizens, professionals. Home; ... 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. ... Till AY 2024-25, standard deduction was fixed at ...
