New Tax Slabs Under the New Regime: FY 2024-25
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New Tax Slabs Under the New Regime: FY 2024-25
Introduction
The Government of India has introduced revised tax slabs under the New Tax Regime for the financial year 2024-25. These changes aim to simplify the tax structure and benefit middle-income earners by providing lower tax rates and fewer deductions.
Revised Income Tax Slabs (FY 2024-25):
| Annual Income (?) | Tax Rate (%) |
|---|---|
| Up to ?4,00,000 | 0% |
| ?4,00,001 – ?8,00,000 | 5% |
| ?8,00,001 – ?12,00,000 | 10% |
| ?12,00,001 – ?16,00,000 | 15% |
| ?16,00,001 – ?20,00,000 | 20% |
| ?20,00,001 – ?24,00,000 | 25% |
| Above ?24,00,000 | 30% |
Key Highlight
With the new rebate under Section 87A, individuals with a taxable income of up to ?12 lakh will have zero tax liability. This is a significant move, especially for salaried professionals and small business owners who fall within this income range.
Conclusion
These new slabs offer a fairer and flatter tax structure. However, it is important to compare benefits under both the Old and New Tax Regimes before filing returns, as deductions like HRA and Section 80C are not available under the New Regime.
