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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.
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.
5 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 ...
Jul 26, 2024 · Under section 115BAC, individuals, HUFs, AOPs, BOIs, and artificial juridical persons are taxed at progressive rates starting from nil for incomes up to Rs. 3 lakh and reaching 30% for incomes above Rs. 15 lakh. Surcharge rates also apply, ranging from 10% to 25% based on income slabs.
calculation and slabs that existed before the introduction of the new tax regime. In the old tax. regime, taxpayers have the option to claim various tax deductions and exemptions.
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.
What are the new income tax slabs, rates after interim Budget 2024 for FY 2024-25? Income tax slabs for FY 2024-25: The finance minister Nirmala Sitharaman has not announced any change in the income tax slabs and income tax rates in her interim budget.
Nov 4, 2024 · In the Union Budget 2024, Finance Minister Ms. Nirmala Sitharaman introduced several updates to the new income tax regime. The income tax slabs for the fiscal year 2024-25 were revised, and the standard deduction was increased from Rs. 50,000 to Rs. 75,000. Additionally, the threshold for the 5% tax rate was raised from Rs. 5 lakh to Rs. 7 lakh.
Jul 30, 2024 · Given below are the new income tax slabs under the new tax regime for FY 2024-25: 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.
The Income and Tax Calculator service enables both registered and unregistered e-Filing users to calculate tax as per the provisions of Income Tax Act, Income-tax rules, Notifications etc. by providing inputs with respect to income (s) earned and deductions claimed as per the Act.
