Use ET Money's free online income tax calculator to compute your income taxes for FY 2024-25 and FY 2025-26 under both the new and old tax regimes.
Let’s say Alex’s income salary is 28 Lacs. Total exemptions are 5.5 Lacs, and deductions are 2.3 Lacs. Alex wants to use the tax slabs as per the old tax regime. Let us calculate Alex’s taxable income and the tax he must pay in the current financial year. Step 1:Take a new s...
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What are the Existing Tax Slabs? What are the New Income Tax Slab Rates? Exceptions to the Income Tax Slab What is Advance Tax? Income Tax Return Filing What are the Income Tax Forms? E-filing Income Tax Returns Documents Required to E-file Income Tax Returns Income Tax Calculation 5...
In addition, note that the old tax regime has three tax slabs and higher tax rates. However, the new tax regime includes six tax slabs and lower tax rates. With the introduction of the new regime, you may get baffled. Hence, we are here to make things smoother for you. In this com...
This would imply that no income tax would be due on earnings up to Rs 7 lakh. New Tax Regime Slab Rates Tax SlabsNew Tax Regime 0-3 lakh NIL 3-7 lakh 5% 7-10 lakh 10% 10-12 lakh 15% 12-15 lakh 20% Above 15 lakhs 30% New Section 87A Rebate Suggested in Budget 2023 Accordin...
The new tax regime offers more tax slabs with lower rates compared to the old regime. Therefore, the tax slabs for the financial year 2024-25 will vary depending on whether you choose the new or old regime. Additionally, if you opt for the new tax regime, you won't be able to use ...
Income Tax Return filing is mandatory for Taxpayers whose income exceeds the prescribed income limit. ITR Filing process is regulated under the Income Tax Act 1961.
top-tier benefits that freelancers get in their tax payments is the permit to deduct their freelancer expenses from freelancers’ income. Depending on the income of the freelancer, theincome tax slabsmay differ, which must be assessed appropriately by the freelancer before indulging in tax payments...
Income TaxIncome tax is a direct tax that a government collects from its citizens. The income tax is calculated upon the net taxable income after accounting for any deductions and is paid net of deductions. Countries generally have different tax slabs based on different in...