Income Tax Slabs 2024-25 Income Tax Slabs FY 2024-25 AY 2025-26 IT New Slabs by IT Department Income Tax IT Rates Financial Year 2024-2025 Assessment Year 2025-26 Income Tax Act Slabs for salaried Employees Income Tax slabs Benefits in the Union Budget 2024-25 revised tax structure under new tax regime
Revised Income Tax Slab Rates 2024-25 under new regime:
కొత్త ట్యాక్స్‌ విధానంలో పన్ను స్లాబ్‌లు మార్పు:
- కొత్త పన్ను విధానం కింద స్టాండర్డ్ డిడక్షన్ 50 వేలు నుంచి 75 వేలుకి పెంపు.
- రూ.3 లక్షల నుంచి రూ.7 లక్షల వరకు 5 శాతం
- రూ.7 లక్షల నుంచి రూ.10 లక్షల వరకు 10 శాతం
- రూ.10 లక్షల నుంచి రూ.12 లక్షల వరకు 15 శాతం
- రూ.12 లక్షల నుంచి రూ.15 లక్షల వరకు 20 శాతం
- రూ.15 లక్షలకు మించి ఆదాయంపై 30 శాతం పన్ను
- Old regime లో ఎలాంటి మార్పులు చేయలేదు.
- ఫ్యామిలీ పెన్షన్ ను other ఇన్కమ్ సోర్స్ లో కలిపేటప్పుడు ఇప్పుడు 15000 మినహాయింపు లభిస్తుంది. రాబోయే సంవత్సరం లో అది 25000 అవుతుంది. ఇది new & old tax regime లకు కూడా వర్తిస్తుంది.
- ప్రతీ ఒక్కరు డిఫాల్ట్ గా కొత్త పన్ను విధానం ఉంటారు.
- పన్ను చెల్లింపు దారులు పాత పన్ను విధానాన్ని choose చేసుకోవచ్చు.
- ఈ విధానం 2020 వార్షిక బడ్జెట్ లో ఇంట్రడ్యూస్ చేయబడింది.
- ఆదాయపు పన్ను రేట్లు తక్కువ.
- HRA, LTA, సెక్షన్ 80C, 80D క్రింద ఎలాంటి మినహాయింపులు లేవు.
- అత్యధిక పన్ను రిబేటు. 7 లక్షల ఆదాయం వరకు పన్నుపై పూర్తి రిబేటు.
- కొత్త పన్ను విధానంలో ఆదాయపు పన్ను స్లాబ్స్ మరియు పన్ను రేట్లు
- శాలరీ ఆదాయం కలిగిన వారికి 75000 వరకు స్టాండర్డ్ డిడక్షన్.
- ఫ్యామిలీ పెన్షన్ పై 25000 వరకు స్టాండర్డ్ డిడక్షన్.
- ఐదు కోట్ల కన్నా ఎక్కువ వార్షిక ఆదాయం ఉన్నవారికి సర్చార్జ్ 37% నుండి 25% కు తగ్గించబడింది.
- Leave encashment పై గరిష్ట పరిమితి 25 లక్షలకు పెంచబడింది.
- అధికారిక విధుల నిమిత్తం చెల్లించిన కన్వేయన్స్ అలవెన్స్
- ట్రావెలింగ్ అలవెన్స్ మరియు డైలీ ఆలవెన్స్
- విభిన్న ప్రతిభావంతులకు చెల్లించే అలవెన్స్
- యూనిఫాం అలవేన్స్ మరియు యూనిఫాం మెయింటనెన్స్ అలవెన్స్.
- Leave Encashment (10 AA)
- గ్రాట్యుటీ (10)
- APFPP/DSOP ఫండ్స్ ఫైనల్ వాల్యూ మరియు వడ్డీ (10/11)
- Life Insurence మెచ్యూరిటీ మొత్తం (10 D)
- కమ్యూటేషన్ వాల్యూ ఆఫ్ పెన్షన్ (10 A)
- ప్రావిడెంట్ ఫండ్ పై వచ్చే వడ్డీ/ withdrawals (10/12)
- ఫ్యామిలీ పెన్షన్ పై స్టాండర్డ్ డిడక్షన్ (57 II A)
- అగ్నివీర్ కార్పస్ ఫండ్ డిపాజిట్లు (80 CCH/2)
- NPS ఎంప్లాయర్ కంట్రీభ్యూషన్
- సెక్షన్ 80 C, 80 CCC, 80 CCD, 80 DDB, 80 EE, 80 EEA, 80 G, 80 IA మొదలైనవి.
- సెక్షన్ 10 (14) నందు చెప్పబడిన అలవెన్సులు (స్పెషల్ కంపెన్సెటరీ అలవెన్స్, హై అల్టిటూడ్ ఎలవెన్స్.... మొదలైనవి)
- ఇంటి అద్దె భత్యం (10/13 A)
- లీవ్ ట్రావెల్ అలవెన్స్ (10/5)
- ప్రొఫెషన్ టాక్స్
- గృహ రుణం పై వడ్డీ (24 b)
- విరాళాలు
- ఆస్తి విలువ తరుగుదల (32 iia)
Tax Slabs for AY 2024-25
The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime for the assessee being an Individual, HUF, AOP (not being co-operative societies), BOI and Artificial Juridical Person. However, the eligible taxpayers have the option to opt out of new tax regime and choose to be taxed under old tax regime. The old tax regime refers to the system of income tax calculation and gsr slabs that existed before the introduction of the new tax regime. In the old tax regime, taxpayers have the option to claim various tax deductions and exemptions.
In case of "non-business cases", option to choose the regime can be exercised every year directly in the ITR to be filed on or before the due date specified under section 139(1).
In case of eligible taxpayers having income from business and profession and wants to opt out of new tax regime, the assessee would be required to furnish Form-10-IEA on or before the due date u/s 139(1) for furnishing the return of income. Also, for the purpose of withdrawal of such option i.e. opting out of old tax regime shall also be done by way of furnishing Form No.10-IEA.
However, in case of eligible taxpayers having income from business and profession option to switch to old tax regime and withdraw the option in any subsequent AY is available only once in lifetime.
Tax rates for Individual (resident or non-resident) less than 60 years of age anytime during the previous year are as under:
| Old Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 2,50,000 | Nil | Up to ₹ 3,00,000 | Nil |
| ₹ 2,50,001 - ₹ 5,00,000 | 5% above ₹ 2,50,000 | ₹ 3,00,001 - ₹ 6,00,000 | 5% above ₹ 3,00,000 |
| ₹ 5,00,001 - ₹ 10,00,000 | ₹ 12,500 + 20% above ₹ 5,00,000 | ₹ 6,00,001 - ₹ 9,00,000 | ₹ 15,000 + 10% above ₹ 6,00,000 |
| Above ₹ 10,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | ₹ 9,00,001 - ₹ 12,00,000 | ₹ 45,000 + 15% above ₹ 9,00,000 |
| ₹ 12,00,001 - ₹ 15,00,000 | ₹ 90,000 + 20% above ₹ 12,00,000 | ||
| Above ₹ 15,00,000 | ₹ 1,50,000 + 30% above ₹ 15,00,000 | ||
Tax rates for Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year are as under:
| Old Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 3,00,000 | Nil | Up to ₹ 3,00,000 |
Nil |
| ₹ 3,00,001 - ₹ 5,00,000 | 5% above ₹ 3,00,000 |
₹ 3,00,001 - ₹ 6,00,000 |
5% above ₹ 3,00,000 |
| ₹ 5,00,001 - ₹ 10,00,000 | ₹ 10,000 + 20% above ₹ 5,00,000 | ₹ 6,00,001 - ₹ 9,00,000 |
₹ 15,000 + 10% above ₹ 6,00,000 |
| Above ₹ 10,00,000 | ₹ 1,10,000 + 30% above ₹ 10,00,000 | ₹ 9,00,001 - ₹ 12,00,000 |
₹ 45,000 + 15% above ₹ 9,00,000 |
| ₹ 12,00,001 - ₹ 15,00,000 |
₹ 90,000 + 20% above ₹ 12,00,000 |
||
| Above ₹ 15,00,000 | ₹ 1,50,000 + 30% above ₹ 15,00,000 |
||
Tax rates for Individual (resident or non-resident) gsr 80 years of age or more anytime during the previous year are as under:
| Old Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 5,00,000 | Nil | Up to ₹ 3,00,000 | Nil |
| ₹ 5,00,001 - ₹ 10,00,000 | 20% above ₹ 5,00,000 | ₹ 3,00,001 - ₹ 6,00,000 |
5% above ₹ 3,00,000 |
| Above ₹ 10,00,000 | ₹ 1,00,000 + 30% above ₹ 10,00,000 | ₹ 6,00,001 - ₹ 9,00,000₹ |
₹ 15,000 + 10% above ₹ 6,00,000 |
| ₹ 9,00,001 - ₹ 12,00,000 |
₹ 45,000 + 15% above ₹ 9,00,000 |
||
| ₹ 12,00,001 - ₹ 15,00,000 |
₹ 90,000 + 20% above ₹ 12,00,000 |
||
| Above ₹ 15,00,000 | ₹ 1,50,000 + 30% above ₹ 15,00,000 |
||
Note:
1. The rates of Surcharge under the tax regimes are as under:
| Total Income | Old Tax Regime | New Tax Regime |
| Rate of Surcharge Applicable | ||
| Up to Rs. 50 Lakh | Nil | Nil |
| Above Rs. 50 Lakh and up to Rs. 1 Crore | 10% | 10% |
| Above Rs. 1 Crore and up to Rs. 2 Crore | 15% | 15% |
| Above Rs. 2 Crore and up to Rs. 5 Crore | 25% | 25% |
| Above Rs. 5 Crore | 37% | 25% |
Note: The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112, 112A and Dividend Income. Hence, the maximum rate of surcharge on tax payable on such incomes gsrinfo shall be 15%, except when the income is taxable under section 115A, 115AB, 115AC, 115ACA and 115E.
2. Rebate u/s 87A: Resident Individuals are also eligible for a Rebate of up to 100% of income tax subject to a maximum limit depending on tax regimes as under:
| Total Income | Old Tax Regime | New Tax Regime |
| Rebate under Section 87A Applicable | ||
| Up to Rs. 5 Lakh |
Tax rebate up to Rs.12,500 is applicable for resident individuals if the total income does not exceed Rs 5,00,000 (not applicable for NRIs |
Tax rebate up to Rs.25,000 is applicable for resident individuals if the total income does not exceed Rs 7,00,000 (not applicable for NRIs |
| From 5 Lakhs to 7 Lakhs | NIL | |
3. The rate of Health & Education cess remains same in both the regimes.
Surcharge, Marginal Relief and Health & Education Cess: What is Surcharge?
Surcharge is an additional charge levied for persons earning Income above the specified limits, it is charged on the amount of income tax calculated gsr info as per applicable rates. For rates of surcharge, refer table above.
Investments / Payments / Incomes on which I can get tax benefit
Section 24(b) – Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is ₹ 2 lakh. However, this deduction is not available for person opting for New Tax Regime.
Interest on loan u/s 24(b) allowable is tabulated below:
| Nature of Property | When loan was taken | Purpose of loan | Allowable (Maximum limit) |
| Self-Occupied | On or after 1/04/1999 |
Construction or purchase of house property |
₹ 2,00,000 |
| On or after 1/04/1999 | For Repairs of house property | ₹ 30,000 | |
| Before 1/04/1999 | Construction or purchase of house property | ₹ 30,000 | |
| Before 1/04/1999 | For Repairs of house property | ₹ 30,000 | |
| Let Out | Any time | Construction or purchase of house property | Actual value without any limit |
Tax deductions specified under Chapter VIA of the Income Tax Act
These deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115BAC, except for deduction u/s 80CCD (2), 80CCHgsrinfo which will be applicable for New Tax Regime as well.
| Section 80C, 80CCC, 80CCD (1) | |||||||
|---|---|---|---|---|---|---|---|
|
Deduction towards payments made to
|
Combined deduction limit of ₹ 1,50,000 | ||||||
| Section 80CCD(1B) | |
|---|---|
| Deduction towards payments made to Pension Scheme of Central Government, excluding deduction claimed under 80CCD (1) | Deduction limit of ₹ 50,000 |
| Section 80CCD(2) | ||||||||
|---|---|---|---|---|---|---|---|---|
|
Deduction towards contribution made by an employer gsrinfo to the Pension Scheme of Central Government
|
| Section 80CCH | ||||||||
|---|---|---|---|---|---|---|---|---|
|
Deduction in respect of contribution to Agnipath Scheme
|
| Section 80D | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Deduction towards payments made to Health Insurance Premium & Preventive Health check up
Deduction towards Medical Expenditure incurred on a Senior Citizen, if no premium is paid on health insurance coverage
|
| Section 80DD | |
|---|---|
|
Deduction towards payments made towards maintenance or medical treatment of a Disabled Dependent or Paid / Deposited any amount under relevant approved scheme |
Flat deduction of ₹ 75,000 available for a person with Disability, irrespective of expense incurred. The deduction is ₹ 1,25,000 if the person has Severe Disability (80% or more). |
Please note: If Taxpayer is claiming deduction u/s 80DD then its recommended to file form 10-IA also before filing of return. Form 10IA can be filed later also however it is recommended to file form 10-IA along with return of income to avoid any inconvenience later.
| Section 80DDB | |
|---|---|
|
Deduction towards payments made towards Medical treatment of Self or Dependant for specified diseases |
Deduction limit of ₹ 40,000 (₹ 1,00,000 if Senior Citizen) |
| Section 80E | ||
|---|---|---|
| Deduction towards interest payments made on loan for higher education of Self or relative | Total amount paid towards interest on loan taken | |
| Section 80EE | |
|---|---|
| Deduction towards interest payments made on loan taken for acquisition of residential house property where the loan is sanctioned between 1st April 2016 to 31st March 2017 | Deduction limit of ₹ 50,000 on the interest paid on loan taken |
| Section 80EEA | |
|---|---|
| Deduction available only to individuals towards interest payments made on loan taken for acquisition of residential house property gsr for the first time where the loan is sanctioned between 1st April 2019 to 31st March 2022 & deduction should not have been claimed u/s 80EE | Deduction limit of ₹ 1,50,000 on the interest paid on loan taken |
| Section 80EEB | |
|---|---|
| Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1st April 2019 to 31st March 2023 | Deduction limit of ₹ 1,50,000 on the interest paid on loan taken |
| Section 80G | ||||
|---|---|---|---|---|
|
Deduction towards Donations made to prescribed Funds, Charitable Institutions, etc. Donation are eligible for deduction under the below categories
Note: No deduction shall be allowed under gsr this section in respect of donation made in cash exceeding ₹ 2000/- |
| Section 80GG | |||
|---|---|---|---|
|
Deduction towards rent paid for house & applicable to only those who are self-employed or for whom HRA is not part of Salary Least of the following shall be allowed as deduction
Note: Form 10BA to be filled for claiming this deduction. |
| Section 80GGA | |||||
|---|---|---|---|---|---|
|
Deduction towards Donations made for Scientific Research or Rural Development
|
| Section 80GGC | |||
|---|---|---|---|
|
Deduction towards Donations made to Political Party or Electoral Trust |
|
||
| Section 80TTA | |
|---|---|
|
Deduction on interest received on saving bank accounts by Non-Senior Citizens |
Deduction limit of ₹ 10,000/- |
| Section 80TTB | |
|---|---|
|
Deduction on interest received on deposits by Resident Senior Citizens |
Deduction limit of ₹ 50,000/- |
| Section 80U | |
|---|---|
|
Deductions for a resident individual taxpayer with Disability |
Flat ₹ 75,000 deduction for a person with Disability, irrespective gsrinfo of expense incurred Flat ₹ 1,25,000 deduction for a person with Severe Disability (80% or more), irrespective of expense incurred |
Please note: If Taxpayer is claiming deduction 80U then it is recommended to file form 10-IA also before filing of return. Form 10IA can be filed later also however it is recommended to file form 10-IA along with return of income to avoid any inconvenience later.