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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.
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.
Jul 26, 2024 · For AY 2025-26, new tax rates are introduced for individual and HUF incomes under section 115BAC (New Tax Regime), including nil for incomes up to Rs. 3 lakh, and rising to 30% for incomes above Rs. 15 lakh. For the Assessment Year (AY) 2025-26, the income tax slabs for individuals and Hindu Undivided Families (HUFs) have been revised as follows:
Feb 7, 2023 · This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for income liable to tax in the Financial Y...
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.
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 income tax slabs in the new tax regime have been tweaked for the current FY 2024-25 (AY 2025-26). 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.
Jul 30, 2024 · Here are the latest income tax slabs under both the tax regimes that will be applicable on taxpayers’ incomes for FY 2024-25 (AY 2025-26). The Budget 2024 has been passed by the Lok Sabha. Loaded 0% Also Read: Employer's NPS contribution limit hiked to 14% in new tax regime. Income tax slabs under new tax regime.
Yes, Standard deduction of Rs.50,000 or the amount of salary, whichever is lower, is available for both old and new tax regimes from AY 2024-25 onwards. . 6) In the new tax regime can I claim deductions under chapter-VIA like section 80C, 80D, 80DD, 80G etc. while filing the ITR for AY 2024-25?
Sep 25, 2024 · New Tax Regime for FY 2024-25. The tax slabs and rates are the same for all individuals and HUFs under the new regime. This means that people up to 60 years, senior citizens (60-80 years), and super senior citizens above 80 years are subject to the same income tax slabs.
