Key Features of the New Tax Regime (FY 2024-25): Default Tax Regime: The new regime is the default option. Taxpayers who prefer the old regime must file Form 10-IEA. Basic Exemption Limit: Rs. 4 lakhs, applicable to all taxpayers regardless of age. Rebate under Section 87A: Available for incomes up to Rs. 12 lakhs, resulting in zero tax liability due to a rebate of Rs. 60,000.
Here are the income tax slabs for FY 2024-25 (Assessment Year 2025-26): Old Tax Regime For FY 2024-25. The old tax regime allows various deductions and exemptions but has higher tax rates. Standard Deduction. Amount: ₹50,000; ... Base Tax Rate: 40% (on income earned in India) Surcharge: 2% (if taxable income exceeds ₹1 crore but is less ...
This guide offers a detailed breakdown of the current slab rates for FY 2023-24 and FY 2024-25, compares the old and new tax regimes, explains NRI taxation rules, outlines corporate tax implications, and provides effective tax-saving strategies. ... India’s income tax slab rates have undergone various revisions over the years, reflecting the ...
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.
Income Tax Slab & Rate for FY 2024-25 Updated on April 23, 2025 , 208818 views. In India, income tax is charged based on an individual’s Income.These tax rates are based on the Range of income called income slabs. The more the income, more the tax. The tax slabs tend to undergo a change during every budget.
As mentioned earlier, old tax regime income tax slabs in AY 2025-26 (FY 2024-25) have remained the same as Assessment Year 2024-25. Here are the summarized income tax brackets for FY 2024-25 for taxpayers in India under the old tax regime: 1. Zero tax liability for individuals with income in the tax bracket of less than 2.5 lakh rupees.
Income Tax Slabs for FY 2024-25 (AY 2025-26) – New Regime. ... The Union Budget 2025 has reshaped India's tax landscape by introducing higher exemptions and modified slabs under the new tax regime. With income up to ₹12 lakh tax-free, many taxpayers may find the new regime more favorable. However, individuals who benefit from multiple ...
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 ...
The tax slab in India was introduced to enable a fair tax system in the country. Based on these income tax slabs, the taxpayer has to finish ITR filing by the due date. The changes in the income tax slab are done as per the budget announcement. ... Tax Slab for FY 2024-25 Tax Rate; Upto ₹ 3,00,000: Nil: Upto ₹ 3,00,000: Nil ₹ 3,00,000 ...
Understand the income tax slabs for FY 2024-25 in India for different age categories – individuals, senior citizens. Learn about tax rates under both old and new tax regimes. ... Understanding the income tax slabs for FY 2024-25 is essential for taxpayers to effectively manage their finances and plan their tax liabilities. By familiarising ...
Join us as we delve into the comprehensive details of the Income Tax Slabs for 2024-25 and explore the full impact of the Budget 2024 announcements on taxpayers across India. ... In India, the Income Tax Slab system assigns varying tax rates to different income ranges, ensuring progressive taxation. As your income rises, so does the applicable ...
The following are the main changes made to the new tax system in Budget 2024: Updated Tax Slabs; Under the new tax system, India’s income tax slabs went through substantial changes. On the basis of the latest Union Budget for 2024–2025, salaried employees can save up to Rs. 17,500 year in taxes. Increased Standard Deduction
With the start of the new financial year, many income tax changes will take effect; understanding the latest income tax slabs will help you select the tax regime that works best for you. 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.
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. ... The Budget 2024 announcement also featured some additional good news for salaried individuals in the form of an increase in the standard deduction to Rs. 75,000 for AY 2025-26. Till AY 2024-25, standard ...
The Times of India on MSN.com · 51m
The Financial Express
Zee News on MSN.com
