look news india
Old New Income Tax Slab: Income above a certain limit in a financial year is taxed. The amount of tax depends on your income and the income tax slab applicable on it. Taxpayers can choose between the new tax slab and the old tax slab. Salaried people can choose either of these.
The rules for income tax calculation for the financial year 2024-25 are the same as last year. Due to the Lok Sabha elections in 2024, the government presented the interim budget in February 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 (FY 2025-26))
| Old tax regime | New tax regime under section 115BAC | ||
|---|---|---|---|
| Income Tax Slabs | Income Tax Rates | Income Tax Slabs | Income Tax Rates |
| 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 | ||