Income tax slab rates for FY 2024-25 (Assessment Year 2025-26)
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Old New Income Tax Slab: Income above a sure restrict in a monetary yr is taxable. The tax quantity depends upon your revenue and the revenue tax slab relevant on it
Income above a sure restrict in a monetary yr is taxable. The tax quantity depends upon your revenue and the revenue tax slab relevant on it. Taxpayers can select any regime between the brand new tax slab and the outdated tax regime. Salaried individuals can select both of the 2.
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The guidelines used for revenue tax calculations for the monetary yr 2024-25 are the identical as final yr. The authorities introduced an interim finances in February 2024 because of the Lok Sabha elections in 2024. No modifications have been made to the revenue tax legal guidelines within the finances. The full finances for the monetary yr 2024-25 is anticipated to be introduced in July or August 2024 after the brand new authorities is fashioned. Until then, the legal guidelines will stay the identical.
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(Income tax slab rates for FY 2024-25 (AY 2025-26))
| Old Tax Regime | New tax regime beneath part 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 2,50,000 | Zero | Up to ₹ 3,00,000 | Zero |
| ₹ 2,50,001 – ₹ 5,00,000 | 5% above ₹2,50,000 | ₹ 3,00,001 – ₹ 6,00,000 | Above ₹3,00,000 5% |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹12,500 + 20% above ₹5,00,000 | ₹ 6,00,001 – ₹ 9,00,000 | ₹15,000 + 10% above ₹6,00,000 |
| Above ₹ 10,00,000 | ₹1,12,500 + 30% above ₹10,00,000 | ₹ 9,00,001 – ₹ 12,00,000 | ₹45,000 + 15% above ₹9,00,000 |
| ₹ 12,00,001 – ₹ 15,00,000 | ₹90,000 + 20% above ₹12,00,000 | ||
| Above ₹15,00,000 | ₹1,50,000 + 30% above ₹15,00,000 | ||
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