Income Tax Slab 2024-25: The interim budget has been presented. And Finance Minister Nirmala Sitharaman has not made any changes in the income tax slab rates in her budget. In such a situation, there will be a question in the mind of every taxpayer that what will be the income tax rates in the financial year 2024-25. Be it the new income tax regime or the old income tax regime, there has been no change in the tax rates in both the tax systems. . At present this tax slab will be valid.
It is possible that when the new government presents the full budget for the financial year 2024-25 in July, the tax slabs may be changed. But at present, taxpayers will have to plan to save tax on the basis of the new tax slab from April 2024. Let us know what the new income tax slab and old income slab will be.
Tax slabs in the new income tax regime
Under the new tax regime, no change has been made in the income tax slab for 2024-25, hence the tax rates under the new tax regime will be as follows. In the new tax regime, those with income up to Rs 7 lakh do not have to pay any tax. The government gives a tax rebate of Rs 25,000. Under the new income tax system, there is now no tax on income up to Rs 3 lakh. 5% in slab of Rs 3-6 lakh, 10% in slab of Rs 6-9 lakh, 15% in slab of Rs 9-12 lakh, 20% in slab of Rs 12-15 lakh and 15 lakh 30 percent income tax has to be paid on income more than Rs.
Tax slabs in the old income tax regime
If we look at the income tax slab of the old tax regime, there is tax exemption on income up to Rs 2.50 lakh in the old tax regime. 5% tax has to be paid on income between Rs 2.50 to 5 lakh, 20% on income between Rs 5 – 10 lakh and 30% on income above Rs 10 lakh. In the old tax system, those with income up to Rs 5 lakh did not have to pay any tax. The government gives rebate on the tax of Rs 12500 at the rate of 5 percent on income between Rs 2.50 to Rs 5 lakh.
Benefits of standard deduction in new and old tax regime
The standard deduction has been maintained at Rs 50,000 in the interim budget for the financial year 2024-25. The benefit of Rs 50,000 standard deduction will be available to both new and old tax payers.
Cess and surcharge in 2024-24
Whatever tax will be levied on taxpayers in the new financial year, they will also have to pay 4 percent cess on the total tax amount in the form of education and health cess. And taxpayers whose taxable income is more than Rs 50 lakh will have to pay a separate surcharge of 10 percent on tax.
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