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Latest Income Tax Slab & Tax Rates in India for FY 2023-24 (AY 2024-25): Check out the latest income tax slabs and rates as per the New tax regime and Old tax regime.
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. An individual must choose the tax regime which lowers their income tax outgo. iStock.
The slab rates applicable to individuals for tax year 2022/23 are as follows: The basic exemption limit for resident individuals who are 60 years of age or more but less than 80 years of age at any time during the tax year is INR 300,000. For resident individuals who are 80 years of age or more, it is INR 500,000. Surcharge.
1. What Are Income Tax Slabs? Indian taxpayers are bracketed into different income categories for easier and fairer taxation. For instance, an individual making ₹5,00,000 per annum should not have to pay the same tax as someone making ₹50,00,000 per annum.
Discover the latest tax slabs rate for 2024-25, and new Tax slabs for salaried, individuals and professional by the IT department, Old & New Income Tax Regime, announcments, news, updates, videos, and more
India's income tax system is progressive, meaning tax rates increase with higher income levels. The income tax slab in India specify the applicable rates for different income brackets and vary based on residential status, age, and type of taxpayer.
Here's our latest guide on the new income tax slab for both old and new tax regimes for individuals below 60 years and senior citizens.
Calculate the tax on your income in India in a few simple steps through online income tax calculator. Also check tax slabs, tax regimes, and how to calculate tax with examples.
Budget 2024 Updates. For the AY 2025-26, the tax structure has been revised by FM Nirmala Sitharaman as under for new regime: Standard deduction on salaried individuals is increased to ₹75,000 for the FY 2024-25 under the new tax regime. The family pension deduction limit has been increased to ₹25,000 from ₹ 15,000.
Taxpayers can now choose to pay income tax at lower rates under the new tax regime slabs on the condition that they withdraw from being considered for specific exemptions and deductions...