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6 days ago · Income Tax Slabs for New Tax Regime (Revised) – FY 2024-25. The Budget 2024 has revised the tax slabs in the New Regime, providing taxpayers with an extra opportunity to save Rs. 17,500 in taxes. Additionally, the standard deduction has been raised to Rs. 75,000 under this regime and the family pension deduction has been increased to Rs ...
Sep 22, 2024 · Tax slabs for AY 2024-25 and 2025-26 under the new regime vary, with tax rates starting at 5% for incomes above ₹3,00,000. However, opting for this regime disqualifies taxpayers from several deductions, including house rent allowance (HRA), leave travel concession (LTC), and deductions under Chapter VIA like Section 80C and 80D.
6 days ago · 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 pension deduction, and a higher deduction for employer contributions to the National Pension System ...
Oct 23, 2024 · Find the updated income tax slabs for FY 2024-25 (AY 2025-26). Understand how tax slabs affect your income tax calculations. Income tax slabs change every year!
Tax Slabs for AY 2024-25. The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime for the assessee being an Individual, HUF, AOP (not being co-operative societies), BOI and Artificial Juridical Person.
The income tax slabs in the new tax regime have been tweaked for the current FY 2024-25 (AY 2025-26). The changes in the income tax slabs raised the upper limit in two slabs by Rs 1 lakh. The Rs 3 lakh-Rs 6 lakh slab has become Rs 3 lakh-Rs 7 lakh; and the Rs 6 lakh-Rs 9 lakh slab has become Rs 7 lakh-Rs 10 lakh.
Feb 7, 2023 · This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for income liable to tax in the Financial Y...
Income Tax Calculator - How to calculate Income taxes online? for FY 2023-24 (AY 2024-25) and FY 2024-25 (AY 2025-26) with ClearTax Income Tax Calculator. Refer examples and tax slabs for easy calculation.
Income Tax Slabs Under New Tax Regime for FY 2023-24, FY 2024-25. The following tables show the Revised Income Tax Slabs, not the old tax regime. The following table illustrates the New Tax Regime slabs with tax rates as announced on 23rd July 2024, in Union Budget-. Total Income. Rate of tax.
Please note that new tax regime is default regime for AY 2024-25. Any actions in any previous years with respect to choice of regimes will not be applicable from AY 2024-25.
