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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.
Tax Slabs for AY 2024-25. The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime for the assessee being an Individual, HUF, AOP (not being co-operative societies), BOI and Artificial Juridical Person.
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.
Income Tax Slabs Rates for FY 2023-24. Check here for the latest Income Tax Slabs & details of different income tax regimes for tax slabs in India.
The income tax slabs in the new tax regime have been tweaked for the current FY 2024-25 (AY 2025-26). The changes in the income tax slabs raised the upper limit in two slabs by Rs 1 lakh. The Rs 3 lakh-Rs 6 lakh slab has become Rs 3 lakh-Rs 7 lakh; and the Rs 6 lakh-Rs 9 lakh slab has become Rs 7 lakh-Rs 10 lakh.
This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for income liable to tax in the Financial Y...
In India, income tax is calculated using income tax slabs and rates for the applicable financial year (FY) and assessment year (AY). For this year, the financial year will be 2024-25, and the assessment year will be 2025-26.