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Jul 26, 2024 · For AY 2025-26, new tax rates are introduced for individual and HUF incomes under section 115BAC (New Tax Regime), including nil for incomes up to Rs. 3 lakh, and rising to 30% for incomes above Rs. 15 lakh.
Income tax exemption limit is up to Rs 3,00,000 for Individuals, HUF opting for the new regime. Surcharge and cess will be applicable over and above the tax rates. a. New Tax regime until 31st March 2025. * Tax rebate up to Rs.25,000 is applicable if the total income does not exceed Rs 7,00,000 (not applicable for NRIs). b. Old Tax regime.
Jul 4, 2024 · The highest surcharge rate on income above 5 crores is changed from 37% to 25%, which will reduce the Maximum Marginal rate of Tax from 42.74% to 39% of income. This will be applicable only under the new tax regime from 1st April 2023.
Sep 24, 2024 · Explore the income tax rates for AY 2024-25 & AY 2025-26 under the Old and New Tax Regimes. Understand the exemption limits, tax slabs, surcharges, and eligibility for individuals, senior citizens, firms, and companies.
Sep 22, 2024 · Starting from AY 2025-26, further relief is provided, including an increase in the standard deduction to ₹75,000 for salaried individuals and ₹25,000 for family pensioners. 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.
Jun 5, 2024 · Surcharge rate Surcharge is levied on the income tax amount if the taxable income of a taxpayer exceeds specified limits. To make the new tax regime attractive, the surcharge rate on incomes was reduced. Here are the surcharge rates applicable under the old and new tax regimes: Surcharge rate in new tax regime
Jul 30, 2024 · However, the surcharge rates are different in old and new tax regimes for incomes exceeding Rs 50 lakh. The surcharge rates are lower in the new tax regime than in the old tax regime. Given below are the surcharges rates under the old and new tax regimes. The new tax regime is the default tax regime.
Feb 24, 2024 · Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:- Note: (1) The enhanced surcharge of 25% & 37%, as the case may be, is not levied, on dividend income or income chargeable to tax under sections 111A, 112, 112A and 115AD (1) (b).
Sep 25, 2024 · *In the 2023 budget, surcharge on income above ₹5 Crore was reduced from 37% to 25%. 3. Slabs for Other Entities As Per Old and New Regime For FY 2024-25. While individuals are taxed as per the income tax slabs mentioned above, companies and firms such as LLPs also have different income tax slabs.
Nov 4, 2024 · Tax rebate under section 87A: Individuals with taxable income up to Rs 7 lakh pay zero tax due to the rebate available under Section 87A. Reduced surcharge for high incomes: The highest surcharge rate for incomes above Rs 2 crore is capped at 25%.
