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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. Stay informed to maximize your savings.
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.
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 ...
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 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.
Jul 26, 2024 · The income-tax rates for the assessment year 2024-25 remain unchanged from the previous year, with specific rates provided for different categories of taxpayers.
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.
Nov 4, 2024 · 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. Moreover, some significant changes were made to the capital gains tax regime, with higher tax rates being implemented.
Sep 10, 2024 · In the interim fiscal year 2024-25 budget, Finance Minister Nirmala Sitharaman announced no changes to the income tax slab for FY 2024-25, meaning taxpayers will calculate their taxes for the upcoming year just as they have for the current year, 2023-24.
Changes Announced in the New Tax Regime in Budget 2024. The slab rates in the new tax regime have been changed. Salaried employees (under the new tax regime) will save up to Rs 17,500 annually in taxes as per the changes proposed in the recent Union Budget 2024-25.
