Individual Tax Rates 2024-25. The financial year for tax purposes for individuals starts on 1st july and ends on 30 june of. An individual has to choose between new and old tax.
Tax deduction at source (tds) is one of the important compliances of income tax. On 25 january 2024, the government announced changes to individual income tax rates and thresholds from 1 july 2024.
Union Finance Minister Nirmala Sitharaman Will Present The First Budget Of The Narendra Modi Government 3.0 In The Lok Sabha On July 23.
The tax structure, at present, is as follows:
Cess Will Be Levied At 4% On Income Tax Amount.
The general slab rates applicable in the case of an individual or huf are 5%, 20%, and 30%.
Individual Tax Rates 2024-25 Images References :
Income From Rs 2.5 Lakh To Rs 5 Lakh Is Taxed At 5%, Income From Rs 5 Lakh To Rs 10 Lakh At 20%, And Any Income Exceeding Rs 10.
The cost inflation index shows a significant rise.
The Financial Year For Tax Purposes For Individuals Starts On 1St July And Ends On 30 June Of The Following Year.
Medicare levy surcharge income, thresholds and rates.