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Slabs of Income Tax for FY 2024–2025 : What are the tax rates, slabs, and surcharge rates under the new tax regime compared to the old one?

Income Tax for FY 2024–2025

Slabs of Income Tax for FY 2024–2025 : What are the tax rates, slabs, and surcharge rates under the new tax regime compared to the old one?

It is crucial for income tax payers to understand the income tax rates and tax slabs that apply to them under both the new and the old income tax regimes, as the new financial year 2024–25 begins on April 1. It's also critical to keep in mind that, starting of FY 2023–2024, the new income tax system is the default one. Therefore, in order for your income tax liability to be computed correctly, you must notify your employer at the beginning of the fiscal year if you would like to continue under the previous tax system. We examine the income tax slabs for the 2024–25 fiscal year (AY 2025–26):

2024–25 Income Tax Slabs Old Tax regime

The income tax rates and slabs in the table for the 2024–2025 fiscal year are applicable to persons, including residents under 60, non-residents (NR), and non-ordinary residents (NOR).

Old Tax Regime Rebate

2024–25 Income Tax Slabs previous tax system Residents who file individual taxes and have total incomes under Rs 500,000 are eligible for a tax refund of Rs 12,500 or the actual amount of tax due, whichever is less.

Income Tax Slabs 2024–25 Old Tax Regime

It's also crucial to remember that the basic exemption limit for resident senior people 60 years of age and older is Rs 3 lakh, and the basic exemption limit for super senior citizens 80 years of age and older is Rs 5 lakh.

2024–25 Income Tax Slabs New Tax Structure

The table below lists the income tax rates and slabs for the 2024–2025 fiscal year under the new income tax system, commonly referred to as the Concessional Tax Regime.

2024–25 Income Tax Slabs New Tax Regime Rebate Eligibility Limit

Under the recently implemented income tax regime, taxpayers are eligible for a reimbursement of up to Rs 25,000, with the rebate eligibility level set at Rs 7,00,000. Additionally, resident people with net taxable incomes above Rs 7,00,000 are still eligible for marginal relief in cases where the additional income tax burden exceeds the additional income over Rs 7,00,000.

Income Tax Slabs 2024–25 surcharge rates

If an individual's total income above Rs 5,000,000, they will be subject to an additional tax levy. The table lists the surcharge rates for the previous and current tax regimes.

Income Tax FY 2024-25 Cess

Income Tax FY 2024–2025: Based on the previously indicated rates, a 4% health and education cess is applied to the income tax and surcharge (if applicable), and this is applicable to all individuals.

The Matka is a website where you can find information about Tax News in finance.

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