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6 days ago · The following is the tax slabs: Budget 2024 Updates: Major Changes to Tax Slabs. Increased Standard Deduction: The Standard Deduction under the New Regime has been raised from ₹50,000 to ₹75,000. Family Pension Deduction: The deduction for family pension has increased from ₹15,000 to ₹25,000. What is an Income Tax Slab?
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.
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.
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.
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.
Oct 23, 2024 · The income tax slab for AY 2024-25 for salaried persons will be as per the announcements in budget 2023. It's always advisable to refer to the official tax guidelines and consult a tax expert to know any recent tax updates. Contents. What is Income Tax Slab? Income Tax Slab FY 2024-25 (AY 2025-26) Old Tax Regime Vs. New Tax Regime. Old Tax Regime.
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.
