Summary of Certain Direct Tax Provisions from Honourable Finance Minister speech in Budget 2025
1) A) No income tax payable up to income of ₹12 lakh in New Tax regime.
The new slabs proposed are as under:
Total Income (Rs. In lacs) | Rate of tax u/s115BAC (1A) | |
1. | 0- 4 | 0% |
2. | 4-8 | 5% |
3. | 8-12 | 10% |
4. | 12-16 | 15% |
5. | 16—20 | 20% |
6. | 20-24 | 25% |
7. | More than 24 Lacs | 30% |
B) The tax benefit for different category of taxpayers (0-24 lacs)
Total Income | Tax as per existing rates[as per Finance (No.2) Act,2024] | Tax as per proposed rates | Benefit of Rate/Slab | Rebate Benefit [with reference to (3)] | Total Benefit[computed when compared to current slab rates] |
(1) | (2) | (3) | (4)=(3)-(2) | (5) | (6)=(4)+(5) |
8 lac | 30,000 | 20,000 | 10,000 | 20,000 | 30,000 |
9 lac | 40,000 | 30,000 | 10,000 | 30,000 | 40,000 |
10 lac | 50,000 | 40,000 | 10,000 | 40,000 | 50,000 |
11 lac | 65,000 | 50,000 | 15,000 | 50,000 | 65,000 |
12 lac | 80,000 | 60,000 | 20,000 | 60,000 | 80,000 |
13 lac | 1,00,000 | 75,000 | 25,000 | 0 | 25,000 |
14 lac | 1,20,000 | 90,000 | 30,000 | 0 | 30,000 |
15 lac | 1,40,000 | 1,05,000 | 35,000 | 0 | 35,000 |
16 lac | 1,70,000 | 1,20,000 | 50,000 | 0 | 50,000 |
17 lac | 2,00,000 | 1,40,000 | 60,000 | 0 | 60,000 |
18 lac | 2,30,000 | 1,60,000 | 70,000 | 0 | 70,000 |
19 lac | 2,60,000 | 1,80,000 | 80,000 | 0 | 80,000 |
20 lac | 2,90,000 | 2,00,000 | 90,000 | 0 | 90,000 |
21 lac | 3,20,000 | 2,25,000 | 95,000 | 0 | 95,000 |
22 lac | 3,50,000 | 2,50,000 | 1,00,000 | 0 | 1,00,000 |
23 lac | 3,80,000 | 2,75,000 | 1,05,000 | 0 | 1,05,000 |
24 lac | 4,10,000 | 3,00,000 | 1,10,000 | 0 | 1,10,000 |
25 lac | 4,40,000 | 3,30,000 | 1,10,000 | 0 | 1,10,000 |
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