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Changes were made to the tax slab for New Regime in the Union Budget presented by the finance minister on 23 July 2024.The updated tax slab for new regime is given below:
A tax charged by the Central Government on the individuals or entities corresponding to the income or profit earned by them is known as Income Tax.
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Rates of Income Tax FY 2024-25
- Up to Rs.3 lakh :Nil
- Above Rs.3 lakh - Rs.7 lakh : 5%
- Above Rs.7 lakh - Rs.10 lakh :10%
- Above Rs.10 lakh - Rs.12 lakh :15%
- Above Rs.12 lakh - Rs.15 lakh :20%
- Above Rs.15 lakh :30%
How to Calculate Income Tax of a Salaried Employee??
- Calculate your Gross Income
- Remove Deductions and Determine your Next Taxable Income
- Determine the Net Taxable Income
- Calculate the Taxes Imposed
- Consolidate your Net Tax