As of the latest budget for the financial year 2024-25, the income tax slabs in India have been revised. Here are the new tax slabs for individual taxpayers under the new tax regime:
New Tax Regime (FY 2024-25)
1. Income up to ₹3 lakh: No tax
2. Income from ₹3,00,001 to ₹6 lakh: 5%
3. Income from ₹6,00,001 to ₹9 lakh: 10%
4. Income from ₹9,00,001 to ₹12 lakh: 15%
5. Income from ₹12,00,001 to ₹15 lakh: 20%
6. Income above ₹15 lakh: 25%
Example Calculation
Let's assume an individual has a total annual income of ₹12 lakh. Here's how the tax is calculated under the new tax regime:
1. Income up to ₹3 lakh: No tax
2. Income from ₹3,00,001 to ₹6 lakh (₹3 lakh): 5% of ₹3 lakh = ₹15,000
3. Income from ₹6,00,001 to ₹9 lakh (₹3 lakh): 10% of ₹3 lakh = ₹30,000
4. Income from ₹9,00,001 to ₹12 lakh (₹3 lakh): 15% of ₹3 lakh = ₹45,000
Total tax payable = ₹15,000 + ₹30,000 + ₹45,000 = ₹90,000
In the latest Union Budget 2024-25, the Government of India has introduced new income tax slabs under the revised tax regime. Finance Minister [Name] announced these changes to provide relief to taxpayers and simplify the tax structure. Here are the updated tax slabs for individual taxpayers:
- Income up to ₹3 lakh: No tax
- Income from ₹3,00,001 to ₹6 lakh: 5%
- Income from ₹6,00,001 to ₹9 lakh: 10%
- Income from ₹9,00,001 to ₹12 lakh: 15%
- Income from ₹12,00,001 to ₹15 lakh: 20%
- Income above ₹15 lakh: 25%
For instance, an individual earning ₹12 lakh annually will now pay a total tax of ₹90,000 under the new regime, compared to the previous system where the tax burden was different due to varied slabs and exemptions.
Finance Minister [Name] stated that these changes aim to enhance disposable income and stimulate economic growth by simplifying the tax process. Taxpayers are encouraged to review these new slabs and assess their impact on personal finances.
For further details and clarifications, taxpayers should refer to the official budget documents and consult with financial advisors.
Would you like more detailed examples or specific information about other changes in the budget?