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New Income Tax Slab: This will be the tax slab for FY 2024-25, assessment year will be 2025-26, details here

Old New Income Tax Slab: Income above a certain limit in a financial year is taxable. The tax amount depends on your income and the income tax slab applicable on it

Old New Income Tax Slab: Income above a certain limit in a financial year is taxable. The tax amount depends on your income and the income tax slab applicable on it. Taxpayers can choose any regime from the new tax slab and the old tax regime. Salaried people can choose either of these two.

The rules used for income tax calculation for the financial year 2024-25 are the same as last year. The government presented the interim budget in February 2024 due to the Lok Sabha elections in 2024. No changes were made to the income tax laws in the budget. The full budget for the financial year 2024-25 is expected to be presented in July or August 2024 after the new government is formed. Till then the laws will remain the same.

(Income tax slab rates for FY 2024-25 (AY 2025-26))

Old Tax RegimeNew tax regime under section 115BAC
Income Tax SlabIncome Tax RateIncome Tax SlabIncome Tax Rate
Up to ₹ 2,50,000ZeroUp to ₹ 3,00,000Zero
₹ 2,50,001 – ₹ 5,00,0005% above ₹2,50,000₹ 3,00,001 – ₹ 6,00,000Above ₹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
Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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