Income Tax Slabs, Tax Rates 2024-2025

 

Income Tax Slabs, Tax Rates 2024-2025 Explained: Your Full Guide To Latest Income Tax Slabs FY25 After Interim Budget 2024.

Income Tax Slabs 2024-2025: Budget 2024, which was an Interim Budget, did not see any changes in the income tax slabs or income tax rates by Finance Minister Nirmala Sitharaman. If you as the common man, individual or salaried taxpayer are wondering what the income tax slabs and income tax rates are for financial year 2024-25 (Assessment year 2025-26).

Income Tax Slabs 2024-2025 For Old/Regular Tax Regime

Income Tax Slabs 2024-2025 For New Income Tax Regime

The income-tax rates applicable under the new income tax regime or the Concessional Tax Regime for the financial year 2024-25 are:

Income range (in INR)Rates
Up to 300,000Nil
300,001 to 600,0005%
600,001 to 900,00010%
900,001 to 1200,00015%
1,200,001 to 1,500,00020%
Above 1,500,00030%
Under the new income tax regime, the eligibility limit for rebate will remain Rs 7,00,000 i.e., the tax rebate of up to Rs 25,000 will be available to taxpayers. Further, the marginal relief will also continue to be available to resident individuals whose net taxable income exceeds Rs 7,00,000 and the incremental income tax liability is higher than incremental income above Rs 7,00,000.
In addition to the taxes computed as per the slabs mentioned above, a surcharge will be levied on the income-tax of the individuals if their total income exceeds Rs 5,000,000. The rates of surcharge will be as under:

Income (in INR)Surcharge Rates under regular/ old tax regimeSurcharge Rates under New Tax Regime
Above 5,000,000 but less than 10,000,00010%10%
Above 10,000,000 but less than 20,000,00015%15%
Above 20,000,000 but less than 50,000,00025%25%
Above 50,000,00037%25%
Further, a health and education cess is levied at the rate of 4%, for all individuals on the income-tax and surcharge (if applicable) computed as per the rates above.

Reference: https://m-timesofindia-com.cdn.ampproject.org/v/s/m.timesofindia.com/business/budget/income-tax-slabs-2024-2025-budget-latest-tax-rates-interim-budget-new-vs-old-tax-regime-income-tax-calculator-faqs-answered/amp_articleshow/107327673.cms?amp_gsa=1&amp_js_v=a9&usqp=mq331AQGsAEggAID#amp_tf=From%20%251%24s&aoh=17074063664311&csi=0&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Fm.timesofindia.com%2Fbusiness%2Fbudget%2Fincome-tax-slabs-2024-2025-budget-latest-tax-rates-interim-budget-new-vs-old-tax-regime-income-tax-calculator-faqs-answered%2Farticleshow%2F107327673.cms

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