Income Tax FY 2024_25 AY 2025_26 Income Tax Calculator, New Tax Slab Rates. Here is the New and Revised Income Tax Slab Rates which were revealed by Finance Minister on 23rd July 2024 as per Finance Bill [2] of 2024 for the Financial Year 2024-25 [AY 2025-26]. As per the Finance Bill, Changes were made in the New Tax Regime Slab Rates. Hence the New IT Calculator, TDS Calculator 2024-25 is released for Employees. Details explained below. New Tax Regime New Tax Slabs 2024-25.
AP Employees IT Tax Calculator: "It appears that the Ministry is favouring the New Tax Regime without exemptions over the Old Tax Regime. By adjusting the tax rate slabs, the new tax regime becomes even more attractive, which is likely to result in more taxpayers opting for it over the old regime
Income Tax FY 2024_25 AY 2025_26 Income Tax Calculator, New Tax Slab Rates
The Major Two Changes made by the Finance Minister for Income Tax on Salaries Employees are as follows:
- Increase of Standard Deduction from Rs 50,000 to Rs 75,000 in New Tax Regime
- Changes in Tax Slabs in New Tax Regime.
New Tax Regime New Tab Slabs 2024_25
Substantial relief is proposed under the new tax regime with new slabs and tax rates as under:-
| Total income | Tax Slab Rate |
| Upto Rs 3,00,000 | Nil |
| From Rs 3,00,001 to Rs 7,00,000 | 5 per cent |
| From Rs 7,00,001 to Rs 10,00,000 | 10 per cent |
| From Rs 10,00,001 to Rs 12,00,000 | 15 per cent |
| From Rs 12,00,001 to Rs 15,00,000 | 20 per cent |
| Above Rs 15,00,000 | 30 per cent |
Effective Tax Rates as per the New Slab Rates
| Total income | Tax Slab Rate |
Tax to be Paid |
| Upto ` 3,00,000 | Nil |
Nil |
| From ` 3,00,001 to ` 7,00,000 | 5 per cent |
No Tax upto Rs 7 Lakhs [Rebate] |
| From ` 7,00,001 to ` 10,00,000 | 10 per cent |
20000+ Tax as per Slab |
| From ` 10,00,001 to ` 12,00,000 | 15 per cent |
50000 + Tax as per Slab |
| From ` 12,00,001 to ` 15,00,000 | 20 per cent |
80000 + Tax as per Slab |
| Above ` 15,00,000 | 30 per cent |
140000 + Tax as per Slab |
Changes proposed in New Tax Slab Regime
Standard deduction: Standard deduction to salaried individuals and pensioners is proposed to be increased from ` 50,000 to ` 75,000 under the new tax regime.Family pension deduction: Deduction from family pension of ` 15,000 is proposed to be increased to ` 25,000 under the new tax regime.
Non-government employer contribution to New Pension scheme: It is proposed to increase the amount of deduction allowed to an employer in respect of his contribution to a pension scheme referred to in section 80CCD, from the extent of 10% to the extent of 14% of the salary of the employee. Further, a non-government employee in the new tax regime shall be allowed deduction of an amount not exceeding 14% of the employee’s salary in place of 10%.
IT 2024_25 Old Tax Vs New Tax Regime Comparison Calculator
Here is the Comparison Calculator for Old Tax Regime and New Tax Regime. Employees can use this calculator and calculate the difference between the New and Old Tax Regimes.
Employees can opt the best one to them.
How to Calculate the Tax
- Click the Official Online IT Calculator given below.
- Select the State
- Select Pension Type
- Enter Your Deductions
- Enter HRA
- Click on Calculate
- On the Next step, the Calculator displays the Old and New Tax Rates
- Decide the Best one for You.
