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Discover the latest Income Tax Slabs for FY 2024-25 & AY 2025-26 in India. Compare the Old vs. New Tax Regimes, explore tax-saving tips, and learn how the Budget 2024 changes can impact your tax planning.
Sep 22, 2024 · Learn the key changes in income tax slabs for AY 2024-25 & 2025-26 under section 115BAC, including standard deductions and new tax rates.
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.
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!
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 ...
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.
Apr 1, 2024 · Common Offline Utility for filing Income-tax Returns ITR 1, ITR 2, ITR 3 and ITR 4 for the AY 2024-25.
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.
Jun 5, 2024 · Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. An individual must choose the tax regime which lowers their income tax outgo. iStock.
The Union Budget 2024-25 marks a significant step towards a more streamlined and taxpayer-friendly tax system in India. The revised income tax slabs, enhanced deductions, and the abolition of angel tax represent a concerted effort to provide relief to individuals and support the startup ecosystem.
