| Income Tax Slab Rate AY 2024-25 (FY 2023-24) | |
| Income Slabs | Income Tax Rates FY 2023-24 (AY 2024-25) |
| Up to Rs 3,00,000 | Nil |
| Rs 3,00,000 to Rs 6,00,000 | 5% on income which exceeds Rs 3,00,000 |
| Rs 6,00,000 to Rs 900,000 | Rs. 15,000 + 10% on income more than Rs 6,00,000 |
| Rs 9,00,000 to Rs 12,00,000 | Rs. 45,000 + 15% on income more than Rs 9,00,000 |
| Rs 12,00,000 to Rs 1500,000 | Rs. 90,000 + 20% on income more than Rs 12,00,000 |
| Above Rs 15,00,000 | Rs. 150,000 + 30% on income more than Rs 15,00,000 |
| Surcharge for AY 2024-25 (FY 2023-24) | |
| if total income > Rs.50 lakh and < Rs.1 crore, | 10% of Income tax |
| if total income > Rs.1 crore and < Rs.2 crore, | 15% of Income tax |
| if total income > Rs.2 crore and < Rs.5 crore, | 25% of Income tax |
| if total income > Rs.5 crore | 37% of Income tax |
| Education Cess for AY 2024-25 (FY 2023-24) | |
| Education Cess will be levied on Total Tax Payable including Surcharge | 4% of the Total Tax Payable (as increased by Surcharge) |
| Points to Remember: | |
| During FY 2022-23, the Old regime was the default tax regime, Form 10-IE to switch to the New regime required. After the due date, filing under the Old regime was obligatory. | |
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In FY 2023-24, the default regime is changed to the New regime. |
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| To claim the deductions, exemptions, and losses under the Old regime, filing Form 10IE before the due date is compulsory. | |
| After the due date, filing under the New regime will become compulsory and the most of deductions, exemptions, and all losses will be waived. | |
| The tax rates in the New tax regime are the same for all categories of Individuals, i.e. Individuals, Senior citizens, and Super senior citizens. | |
| Individuals with net taxable income less than or equal to Rs 7 lakh will be eligible for tax rebate u/s 87A, i.e. tax liability will be NIL under the new regime. | |
| Which Deductions will be allowed from Income under New Regime? | ||
| Particular | Deduction | |
| Salary Income | Standard Deduction Rs. 50000/- | |
| Perquisites of Official Nature and paid for Official Duty | ||
| House Property Income | House Loan Interest | |
| A) Self Occupied and Vacant Property | Nil | |
| B) Let Out Property |
Interest on Loan u/s. 24(b) |
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| Business & Profession Income | Expenditure incurred wholly and exclusively on Business and/or Profession | |
| Capital Gain | Cost of acquisition and Cost of Improvement | |
| Deductions u/s. 54 and others | ||
| Other Incomes | Actual Expenditure subject to allowable expenses | |
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Note: However, all the negative figure of Net Balance under each head of Income will be waived and not carried forward to subsequent years. |
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| Which Deductions will be allowed from Gross Total Income under New Regime? | ||
| Deductions under Chapter VI-A | Maximum Limit | |
| Section 80C- LIC Premium, PPF, House Loan Repaid | Nil | |
| Section 80CCD(1)-Employee’s Contribution to NPS | Nil | |
| Section 80CCD(1A)-Employee’s Contribution to NPS (Tier 3) | 50000 | |
| Section 80CCD(2)-Employer’s Contribution to NPS | As per Employer Contribution | |
| Section 80D-Mediclaim Insurance Premium | Nil | |
| Section 80E-Interest on Education Loan | Nil | |
| Section 80G-Donations to Trusts | Nil | |
| Section 80TTA-Saving Bank Interest | Nil | |
| Section 80TTB-Bank Interest & Fix Deposit Interest | Nil | |
| Section 80U-for Disabled Individual | Nil | |
| Section 80CCH-Contribution to Agneevir Corpus | Yes (AY 2024-25 onwards) | |
| Other Sections | Nil | |
| Note: These Information are meant for our clients and/or Limited Circulation. We advise to consult for any specific query/ information, if any required. | ||
1 thought on “AY 2024-25 – Glimpse to Tax Rate & ITR”
Very helpful.. thanks