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- The Budget 2024 has revised the tax slabs in the New Regime, providing taxpayers with an extra opportunity to save Rs. 17,500 in taxes. Additionally, the standard deduction has been raised to Rs. 75,000 under this regime and the family pension deduction has been increased to Rs. 25,000 from Rs. 15,000. This is applicable for the FY 2024-25.
cleartax.in/s/income-tax-slabsIncome Tax Slabs FY 2023-24 & FY 2024-25 (New & Old Regime ...
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4 days ago · Last Updated on 24 September, 2024. For the assessment years 2024-25 and 2025-26, tax rates under the old tax regime for individuals, HUFs, AOPs, BOIs, and artificial juridical persons offer an exemption limit of ₹2.5 lakh, with slabs of 5% on income between ₹2.5 lakh and ₹5 lakh, 20% on income between ₹5 lakh and ₹10 lakh, and 30% on ...
Apr 16, 2024 · Explore the exemptions and deductions allowed under the new tax regime for FY 2023-24 (AY 2024-25). Learn about the options available to taxpayers and make informed decisions to optimize tax efficiency.
- How to Calculate Income Tax from Income Tax slabs?
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- Old Tax Regime vs New Tax Regime? Which Is Better?
- Income Tax Rate For Domestic Companies – FY 2023-24
- Income Tax Rate For Partnership Firm Or LLP as Per Old/New Regime
- Income Tax Slab Rates For FY 2019-20, FY 2020-21, FY 2021-22 and FY 2022-23
- FY 2018-19: Income Tax Slab Rates
- FY 2017-18: Income Tax Slab Rates
Illustration 1: Rohit has a total taxable income of Rs 8,00,000. This income has been calculated by including income from all sources, such as salary, rental income, and interest income. Deductions under Section 80 have also been reduced. Rohit wants to know his tax dues as per the old regime for FY 2023-24 (AY 2024-2025). Note: Please note that Ro...
With the failure to file the return within the due date for FY 2023-24, the taxpayer must opt for concessional rates in the New Tax regime but will have to forgo certain exemptions and deductions available in the existing old tax regime. In total there are 70 deductions & exemptions that are not allowed, out of which the most commonly used are list...
The new tax regime can largely benefit middle-class taxpayers who have a taxable income of up to Rs 15 lakh. The old regime is a better option for high-income earners. The new income tax regime is beneficial for people who make low investments. As the new regime offers six lower-income tax slabs, anyone paying taxes without claiming tax deductions ...
*Please refer to the new sections for checking the applicability for the above concessional income tax rates. NOTE: 1. Additional Health and Education cess at the rate of 4 % will be added to the income tax liability in all cases. 2. Surcharge applicable for companies is as below: 3. 7% of Income tax where total income > Rs 1 crore, 4. 12% of Incom...
A partnership firm/ LLP is taxable at 30%. NOTE: 1. 12% Surcharge is levied on income is more than Rs 1 crore 2. Health and Education Cess at the rate of 4% will be applicable 3. No concessional rates are introduced for firms LLPs in the next tax regime
Income tax slab for Individual aged below 60 years & HUF
NOTE: 1. Income tax exemption limit is up to Rs 2,50,000 for Individuals, HUF below 60 years aged and NRIs 2. Surcharge and cess will be applicable as discussed above 3. An additional 4% Health & education cess will be applicable on the tax and surcharge amount
Income tax slab for Individual aged above 60 years to 80 years
NOTE: 1. Income tax exemption limit is up to Rs.3 lakh for senior citizens aged above 60 years but less than 80 years. 2. Surcharge and cess will be applicable as discussed above
Income tax slab for Individual aged more than 80 years
NOTE: 1. Income tax exemption limit is up to Rs 5 lakh for super senior citizen aged above 80 years. 2. Surcharge and cess will be applicable as discussed above.
Income tax slab for Individual aged below 60 years & HUF
NOTE: 1. An additional 4% Health & education cess will be applicable on the tax amount calculated as above. 2. Surcharge applicability: 2.1. 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore. 2.2. 15% of income tax, where the total income exceeds Rs.1 crore.
Income tax slab for Individuals aged more than 80 years
NOTE: 1. An additional 4% Health & education cess will be applicable on the tax amount calculated as above. 2. Surcharge applicability: 2.1. 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore. 2.2. 5% of income tax, where the total income exceeds Rs.1 crore
Income Tax Slab for Domestic Companies FY 2018-19
NOTE: 1. In addition cess and surcharge is levied as follows: 1.1. Cess: 4% of corporate tax. 1.2. Surcharge applicability: 1.2.1. Taxable income is more than 1 Crore but less than 10 Crore: 7% 1.2.2. Taxable income is more than 10 Crore :12%
Income tax slab for Individual below 60 years & HUF
NOTE: 1. An additional 4% Health & education cess will be applicable on the tax amount calculated as above 2. Surcharge applicability: 2.1. 10% of income tax, where total income exceeds Rs. 50 lakh up to Rs. 1 crore. 2.2. 15% of income tax, where the total income exceeds Rs. 1 crore.
Income tax slab for Individual aged above 60 years to 80 years
NOTE: 1. An additional 4% Health & education cess will be applicable on the tax amount calculated as above 2. Surcharge applicability: 2.1. 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore 2.2. 15% of income tax, where the total income exceeds Rs.1 crore.
Income Tax Slab for Domestic Companies FY 2017-18
NOTE: 1. In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax. 2. Surcharge applicability: 2.1. Taxable income is more than 1 Crore but less than 10 Crore: 7% 2.2. Taxable income is more than 10 Crore: 12% Related Articles: 1. Old vs New Tax Regime 2. Section 115BAC of Income Tax Act 3. Income Tax Changes From 1 April 2024: New Tax Regime Will Be Default 4. Form 10-IEA Purpose, Applicability, How to Fill & Submit Form 5. Tax free Income in India 6. E-Return Intermedi...
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.
Budget 2024 has increased the standard deduction limit under the new tax regime from ₹ 50,000 to ₹ 75,000 for the AY 2025-26 (FY 2024-25). However, taxpayer has to keep in mind that for the AY 2024-25 standard deduction for salaried individuals will remain ₹ 50,000.
Feb 2, 2023 · The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25) How much is the basic exemption limit hiked under the revised new tax regime? Budget 2023 has hiked the basic exemption limit to Rs 3 lakh from Rs 2.5 lakh under the new revised tax regime, this will save you Rs 2500.
Aug 6, 2024 · From the financial year 2023-24, the new income tax regime will be valid as the default tax regime. If you plan to switch back to the old tax regime, submitting a form ( Form 10-IEA ) is vital while filing the tax return.
