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What is new tax slab for Ay 2025-26?
Which tax slab is applicable in FY 2024-25?
What are the tax regimes for Ay 2024-25?
Can I Opt for a new tax slab regime in FY 2023?
3 days ago · The article explains the concept of income tax slabs under old and new regimes, the revised tax rates for FY 2024-25, how to calculate income tax, meaning of surcharge, budget updates impact, and consequences of not filing ITR on time.
6 days ago · Starting from AY 2025-26, further relief is provided, including an increase in the standard deduction to ₹75,000 for salaried individuals and ₹25,000 for family pensioners. 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 ...
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.
- Preeti Motiani
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.
- An individual whose total income exceeds the exemption limit has to pay tax and mandatorily file ITR. The exemption limit applicable to an individu...
- Maximum amount of income on which tax is not required to be paid is the basic exemption limit under the Income-tax Act. Under the old tax regime, f...
- Income that is exempt from tax for senior citizens in a financial year depends on the tax regime chosen. If a senior citizen or super senior citize...
- Surcharge is levied on the income tax amount if the total income of a taxpayer exceeds specified limits.
- Yes, a HUF can opt for the new income tax regime in a financial year.
- A resident individual whose net taxable income does not exceed Rs 5 lakh in a financial year is eligible for rebate up to Rs 5 lakh. A rebate of ma...
- Yes, an individual opting for the new tax regime is eligible to claim deduction under section 80CCD (2) of the Income-tax Act, 1961. This deduction...
- An NRI and HUF is not eligible for rebate under section 87A. Hence, even if their net taxable income does not exceed Rs 5 lakh, then they will have...
- Incomes that are not taxable are specifically mentioned under the Income-tax Act. Example of these are: interest earned from PPF account, interest...
3 days ago · Compare the income tax slabs and rates for the new and old tax regimes for FY 2024-25 and AY 2025-26. Learn about the changes in surcharge, cess, and standard deduction proposed in Budget 2024.
Sep 10, 2024 · The income tax slab for AY 2024-25 for salaried persons will be as per the announcements in budget 2023. It's always advisable to refer to the official tax guidelines and consult a tax expert to know any recent tax updates. Contents. What is Income Tax Slab? Income Tax Slab FY 2024-25 (AY 2025-26) Old Tax Regime Vs. New Tax Regime. Old Tax Regime.
Know about the income tax slab rates for the FY 2023-24 and 2024-25. Get the information about the old and new income tax slabs for individuals, senior citizens and super senior citizens on Groww.
