For the Financial Year 2024-25 (Assessment Year 2025-26), India has two tax regimes: the old regime and the new regime. You can choose the regime that suits you best.
New Tax Regime
| Income Range | Tax Rate |
|---|---|
| Rs 0 – Rs 3,00,000 | 0% |
| Rs 3,00,001 – Rs 7,00,000 | 5% |
| Rs 7,00,001 – Rs 10,00,000 | 10% |
| Rs 10,00,001 – Rs 12,00,000 | 15% |
| Rs 12,00,001 – Rs 15,00,000 | 20% |
| Rs 15,00,001 and above | 30% |
Old Tax Regime
The old tax regime has more tax slabs and deductions. You can consult a tax professional to understand the implications of choosing either regime.
Additional Points
- Health and Education Cess: A 4% health and education cess is applicable on the total income tax payable.
- Surcharge: A surcharge is applicable on certain income levels.
- Standard Deduction: A standard deduction of Rs. 75,000 is available under the new tax regime.
Important Note:
- Tax laws are complex and subject to change.
- It is advisable to consult a tax professional for personalized advice.
You can find more detailed information on the Income Tax Department’s website: https://www.incometax.gov.in/
