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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.
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.
Sep 22, 2024 · Learn the key changes in income tax slabs for AY 2024-25 & 2025-26 under section 115BAC, including standard deductions and new tax rates.
Here are the new income tax slabs under new tax regime. Apart from tweaking income tax slabs, some changes were also made in the new tax regime. Changes announced in the new tax regime are as follows: a) Hike of standard deduction limit to Rs 75,000 from Rs 50,000 - an increase of Rs 25,000.
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.
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 ...
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.
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.
Sep 25, 2024 · In this blog, we will understand the income tax slabs applicable to the financial year 2024-25 under the old and new regimes. 1. What Are Income Tax Slabs? Indian taxpayers are bracketed into different income categories for easier and fairer taxation.
Please note that new tax regime is default regime for AY 2024-25. Any actions in any previous years with respect to choice of regimes will not be applicable from AY 2024-25. You are required to submit Form 10-IEA again in case you want to opt for the old regime.
