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What is income tax slab in India?
What is the income tax slab for Ay 2024-25?
Can I Opt for a new tax slab regime in FY 2023?
What is new tax slab for Ay 2025-26?
4 days ago · The article explains the concept of income tax slabs under old and new regimes, the revised tax rates for FY 2024-25, how to calculate income tax, meaning of surcharge, budget updates impact, and consequences of not filing ITR on time.
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.
- Preeti Motiani
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.
The new income tax slabs under the new tax regime have retrospectively come into effect from April 1, 2024 for the current financial year 2024-25. The changes in income tax slabs of new tax regime were announced in July 2024 as government presented its full budget after the Lok Sabha elections 2024.
- An individual whose total income exceeds the exemption limit has to pay tax and mandatorily file ITR. The exemption limit applicable to an individu...
- Maximum amount of income on which tax is not required to be paid is the basic exemption limit under the Income-tax Act. Under the old tax regime, f...
- Income that is exempt from tax for senior citizens in a financial year depends on the tax regime chosen. If a senior citizen or super senior citize...
- Surcharge is levied on the income tax amount if the total income of a taxpayer exceeds specified limits.
- Yes, a HUF can opt for the new income tax regime in a financial year.
- A resident individual whose net taxable income does not exceed Rs 5 lakh in a financial year is eligible for rebate up to Rs 5 lakh. A rebate of ma...
- Yes, an individual opting for the new tax regime is eligible to claim deduction under section 80CCD (2) of the Income-tax Act, 1961. This deduction...
- An NRI and HUF is not eligible for rebate under section 87A. Hence, even if their net taxable income does not exceed Rs 5 lakh, then they will have...
- Incomes that are not taxable are specifically mentioned under the Income-tax Act. Example of these are: interest earned from PPF account, interest...
Sep 10, 2024 · Frequently Asked Questions. Budget 2024 Update. FM Nirmala Sitharaman has made two announcements for those opting for the new tax regime. First, the standard deduction for salaried employees is proposed to be increased from Rs 50,000/- to Rs 75,000/-.
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- Tax2win
4 days ago · Income Tax Slabs FY 2024-25 & AY 2025-26. Income Tax Tax Deduction. By Avneet Kaur Updated Sep 25, 2024. In India, income tax liability is calculated on the basis of your applicable slab rates. The finance minister of India outlines these slab rates.
New Tax Regime FY 2024-25. The Government of India levies additional charges on individual taxpayers (irrespective of age) whose annual income exceeds INR 50 lakh. The highest surcharge...
