Income Tax 2024-25 Softwares
@ Income Tax Calculator for the financial year 2024-25 ( Putta Srinivas Reddy )
@ Income Tax Calculator for the financial year 2024-25 ( Medak Badi - Vijaykumar )
@ Income Tax Calculator for the fy 2024-25 ( Chandrashekar Reddy)
The income tax rates for FY 2024-25 (AY 2025-26) under the old tax regime. | |
Income tax slabs for individuals (<60 Years) under old tax regime | |
Income tax slabs (Rs) | Income tax rates (%) |
From 0 to 2,50,000 | 0 |
From 2,50,001 to 5,00,000 | 5 |
From 5,00,001 to 10,00,000 | 20 |
From 10,00,001 and above | 30 |
| |
Income tax slabs for senior citizens (60 to 79 Years) under old tax regime | |
Income tax slabs (Rs) | Income tax rates (%) |
From 0 to 3,00,000 | 0 |
From 3,0,001 to 5,00,000 | 5 |
From 5,00,001 to 10,00,000 | 20 |
From 10,00,001 and above | 30 |
| |
Income tax slabs for super senior citizens(>=80 Years) under old tax regime | |
Income tax slabs (Rs) | Income tax rates (%) |
From 0 to 5,00,000 | 0 |
From 5,00,001 to 10,00,000 | 20 |
From 10,00,001 and above | 30 |
| |
Income tax slabs under new tax regime for FY 2024-25 | |
Income tax slabs (Rs) | Income tax rate (%) |
From 0 to 3,00,000 | 0 |
From 3,00,001 to 7,00,000 | 5 |
From 7,00,001 to 10,00,000 | 10 |
From 10,00,001 to 12,00,000 | 15 |
From 12,00,001 to 15,00,000 | 20 |
From 15,00,001 and above | 30 |
Note: U/S 87A ,Tax rebate up to Rs.25,000 is applicable if the total income does not exceed Rs 7,00,000 | |
Changes made in the FY 2024-25 | |
a) Standard deduction limit increased to Rs 75,000 from Rs 50,000 . This standard deduction is available to those individual taxpayers who are receiving income from salary or pension | |
b) Hike in standard deduction limit for family pensioners to Rs 25,000 from Rs 15,000 - This standard deduction is applicable to have receiving family pensions. | |
c) The employer's contribution to the NPS account Hiked to 14% from 10%. This hike in deduction will help the employees to save more tax in the new tax regime Changes in Taxation on Capital Gains Budget 2024 has made significant changes on the tax implications on the capital gains which are as under: Holding period for determining long-term and short-term has been simplified for all listed securities - a period of 12 months is to be considered, and for other assets period of 24 months should be considered for determining whether the asset is a long-term capital asset or not. Further, no indexation will be available for sale made from 23rd July, 2024 for any long term capital asset. LTCG Tax Rate u/s 112A and 112 have been changed to 12.5% from 23rd July, 2024. STCG Tax Rate u/s 111A has been increased to 20% from 23rd July, 2024. Further, exemption limit u/s 112A has been increased from Rs. 1 lakh to Rs. 1.25 lakhs. Pension Received by a Family Member Pension received by a family member is taxed under the head ‘income from other sources’ in family member’s income tax return. If this pension is commuted or is a lump sum payment, it is not taxable in certain cases Uncommuted pension received by a family member is exempt to a certain extent. Rs. 25,000 or 1/3rd of the uncommuted pension received – whichever is less is exempt from tax. (This amount of Rs. 25,000 has been increased from Rs.15,000 with effect from FY 2024-25) For example – If a family member receives a pension of Rs 1,00,000, the exemption available is least of – Rs 25,000 or Rs 33,333 (1/3rd of Rs 1,00,000). Thus, the taxable family pension will be Rs.75,000 (Rs 1,00,000 – Rs 25,000) 80E Education loan: The interest you pay on an education loan is entirely tax-free, as you can claim tax deductions against it Time Limit for Claiming Deductions: you can claim deductions under Section 80E for up to eight years. The tenure starts from the year you start paying back the loan's interest or until all the interest has been paid off, whichever is earlier HOME LOAN TOP-UP OFFER TAX BENEFITS : You can avail a maximum deduction of Rs.30,000 on a Home Loan Top-up if you have receipts and documents proving that the Top-up Home Loan has been used for acquisition/ construction/repair/renovation of a residential property. The limit of Rs 30,000 is available for a self-occupied house only. In case repairs and renovations have been done on a let-out property, no deduction can be claimed Switching Back to the Old Tax Regime From the financial year 2023-24, the new income tax regime will be valid as the default tax regime. The frequency of switching between old and new tax regimes depends on the type of your income. If it's professional or business income, you can switch between old and new tax regimes only once during the lifetime. But if the income type is other than professional/business income, you can switch between the old and new tax regimes yearly. | |
