New Salary Income Tax Slabs: A 2024-2025 Comparison
By Binte Zafar
June 13, 2024 | July 8, 2024
According to the latest income tax regulations for the year 2024-2025, the following slabs and income tax rates will be applicable for salaried persons:
- Income up to Rs. 2,50,000: Nil
- Income between Rs. 2,50,000 and Rs. 5,00,000: 5%
- Income between Rs. 5,00,000 and Rs. 10,00,000: 10%
- Income between Rs. 10,00,000 and Rs. 20,00,000: 15%
- Income above Rs. 20,00,000: 30%
These new slabs and rates will come into effect from April 1, 2024.
In comparison to the previous year, the income tax slabs for salaried persons have been revised as follows:
- The basic exemption limit has been increased from Rs. 2,50,000 to Rs. 3,00,000.
- The 5% income tax slab has been widened from Rs. 5,00,000 to Rs. 7,50,000.
- The 10% income tax slab has been narrowed down from Rs. 10,00,000 to Rs. 12,50,000.
- The 15% income tax slab has been narrowed down from Rs. 20,00,000 to Rs. 15,00,000.
- The 30% income tax slab has been narrowed down from Rs. 20,00,000 to Rs. 25,00,000.
These changes are expected to benefit salaried persons across the country.
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