- Published on
Income Tax Slabs, Tax Rates 2024-2025 - A Comprehensive Guide
- Authors
- Name
- Rakesh Tembhurne
- @tembhurnerakesh
In the Interim Budget 2024-25, Finance Minister Nirmala Sitharaman did not announce any changes to the income tax slabs or income tax rates for individual taxpayers. This means that the income tax slabs for 2024-25 will continue to be the same as they were in FY24, unless any changes are announced in the full year Budget that will be presented post Lok Sabha polls this year.
Income Tax Slabs 2024-2025: Old Tax Regime
| Income Range (in INR) | Rates |
|---|---|
| Up to 250,000 | Nil |
| 250,001 to 500,000 | 5% |
| 500,001 to 1,000,000 | 20% |
| Above 1,000,000 | 30% |
Income Tax Slabs 2024-2025: New Tax Regime
| Income Range (in INR) | Rates |
|---|---|
| Up to 300,000 | Nil |
| 300,001 to 600,000 | 5% |
| 600,001 to 900,000 | 10% |
| 900,001 to 1200,000 | 15% |
| 1,200,001 to 1,500,000 | 20% |
| Above 1,500,000 | 30% |
Surcharge and Health and Education Cess
In addition to the taxes computed as per the slabs in both old and new tax regime, a surcharge is levied on the income-tax of the individuals if their total income exceeds Rs 5,000,000. A table listing the surcharge rates under both old and new tax regime is given in this article.
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.
FAQs
1. What is the standard deduction for FY 2024-2025?
As per the Interim Budget 2024-2025, there is no change in the standard deduction for FY 2024-2025. It will remain at Rs 50,000 under both the old and the new income tax regime.
2. Will the tax slab change in FY 2024-25?
As per the Interim Budget 2024, no changes in the income tax rates for 2024-2025 have been announced so the tax rates will remain the same as earlier under both the income tax regimes.
3. What is the surcharge for financial year 2024-25?
In addition to the taxes computed as per the slabs in both old and new tax regime, a surcharge is levied on the income-tax of the individuals if their total income exceeds Rs 5,000,000. A table listing the surcharge rates under both old and new tax regime is given in this article.
4. How much tax do I pay on 7.5 lakhs?
If you are opting for the new income tax regime, then your income tax liability will be 0, taking into account the eligibility limit for rebate till Rs 7 lakh and the standard deduction of Rs 50,000.