Latest Tax Slabs
Our Hon’ble Finance Minister presented latest Union Budget on 23rd July 2024. In this regard, few key changes on taxation for Financial Year 2024-25 are as under:
Updated Tax Slabs for FY 2024-25
|
TAX slab for FY 2024-25 |
New TAX Rates |
|
Up to Rs.3 lakhs |
Nil |
|
Rs.3 Lakhs to Rs.7 Lakhs |
5% |
|
Rs.7 Lakhs to Rs.10 Lakhs |
10% |
|
Rs.10 Lakhs to Rs.12 Lakhs |
15% |
|
Rs.12 Lakhs to Rs.15 Lakhs |
20% |
|
More than Rs.15 lakhs |
30% |
Few changes in New Tax Regimes:
-
Basic exemption limit for Tax payable up to Rs. 3 lakhs.
-
5% tax slab increased to Rs.7 Lakhs from earlier Rs. 6 Lakhs.
-
Standard deduction increased from Rs.50000/- to Rs.75000/-
-
Family pension deduction increased from Rs.15000/- to Rs.25000/-
Further, Short Term Capital Gain (STCG) tax has been increased from 15% to 20% on certain financial assets. Also, Long Term Capital Gain (LTCG) tax has also been increased from 10% to 12.5%.