New income tax calculation 2024-25 | Tax slab rates for the old and new tax regime

New income tax calculation 2024-25 | Tax slab rates for old and new tax regime

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New income tax calculation 2024-25 | Tax slab rates for old and new tax regime (examples)
In this video from FinCalC TV, we see examples of income tax calculations for FY 2024-25 and AY 2025-26 with comparison of old and new tax regime in Hindi. The standard deduction is applicable in the new tax regime (Rs. 75,000) and the old tax regime (Rs. 50,000) for salaried employees, and also income of Rs 7 lakh will not attract tax under the new tax regime due to the tax rebate under Section 87A .

Income tax calculator:
https://fincalc-blog.in/intax-calculator/

Save income tax video:
https://youtu.be/H8ge_-GADOQ

Section 80C List of Deductions:
https://youtu.be/2OHkrnhm6H4

Marginal relief in a new tax regime
https://youtu.be/Xzht6WDDLb0

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Calculation of HRA exemption:
https://youtu.be/J5KugtFfmJw

After watching this video the following questions will be solved:
How to calculate income tax for financial year 2024-25 and AY 2024-25?
What are the income tax rates for the financial year 2024-2025?
What is the standard deduction for FY 2024-25?
Rates for old plates versus rates for new plates?
Income tax calculation for financial year 2024-25 using Excel examples?
Tax rebate under section 87A?
What is tax credit u/s 87a
Eligibility for tax credit 87a
Calculating the old income tax rates versus calculating the new income tax rates
New Income Tax Budget 2024
standard deduction new tax regime

NEW TAX REGIME:
– No income tax on income between Rs. 0 to Rs. 3 lacs
– 5% tax on income between Rs. 3 lacs to Rs. 7 lacs
– 10% tax on income between Rs. 7 lacs to Rs. 10 lacs
– 15% tax on income between Rs. 10 lacs to Rs. 12 lacs
– 20% tax on income between Rs. 11 lacs to Rs. 15 lacs
– 30% tax on income above Rs. 15 lacs

OLD TAX REGIME:
– No income tax on income between Rs. 0 to Rs. 2.5 lacs
– 5% tax on income between Rs. 2.5 lacs to Rs. 5 lacs
– 20% tax on income between Rs. 5 lacs to Rs. 10 lacs
– 30% tax on income above Rs. 10 lacs

EXAMPLES:
Let's say your gross total income is Rs. 6,15,000
Let's say your total investments are Rs. 75,000. So your net taxable income becomes equal to Rs. 6,15,000 minus Rs. 75,000, which is equal to Rs. 5,40,000. These deductions only apply if you use the old tax rates. Your net taxable income when considering the new tax rates remains Rs. 6,15,000 as no deduction is applied to your total income.
To calculate your income tax, if you are an employee or a pensioner, you get a standard deduction of Rs. 50,000 only if you use old tax rates.
So your net taxable income becomes equal to Rs. 4,90,000 if you use old tax rates. But it remains Rs. 6,15,000 based on new tax slab rates.

WATCH THE FULL VIDEO TO LEARN MORE ABOUT THE NEW INCOME TAX RATES AND MORE EXAMPLES.

#Income tax #Calculation #TaxCalculation #financial calculation

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INDEMNIFICATION:
The examples and demos used are for illustrative purposes only and may not cover every detail of the examples shown.
I am not a registered SEBI advisor. All information provided by me is for educational/informational purposes only. We do not accept any responsibility for the accuracy of the data, but as it may contain typographical or other errors and inaccuracies, we expressly disclaim liability for any errors on the YouTube channel (FinCalC TV). Please consult your financial advisor before making any decision or action regarding your finances.