Budget 2025: New Income Tax Slab Rates Revealed! How to save tax on 5%, 10%, 20%? Know easy calculation tricks in Hindi
The Government of India has presented the budget for the financial year 2024-25 , in which important changes have been made in the income tax system. These changes have been made with the aim of giving relief to taxpayers and simplifying the tax system. In this article we will understand in detail the new income tax slab rates, how to calculate income tax and the process of calculating income tax in Hindi.
Income Tax Slabs under New Tax Regime
| Income Tax Slab (Rs) | Tax Rate (%) |
|---|---|
| Up to ₹3,00,000 | 0 |
| ₹3,00,001 to ₹7,00,000 | 5 |
| ₹7,00,001 to ₹10,00,000 | 10 |
| ₹10,00,001 to ₹12,00,000 | 15 |
| ₹12,00,001 to ₹15,00,000 | 20 |
| Above ₹15,00,000 | 30 |
Table of Contents
Income tax slabs under the old tax regime
| Income Tax Slab (Rs) | Tax Rate (%) |
|---|---|
| Up to ₹2,50,000 | 0 |
| ₹2,50,001 to ₹5,00,000 | 5 |
| ₹5,00,001 to ₹10,00,000 | 20 |
| Above ₹10,00,000 | 30 |
Main changes
- Standard deduction : The limit of standard deduction has been increased to ₹75,000.
- Family Pension Deduction : The deduction limit for family pension has been increased to ₹25,000.
- New tax regime is the default option : The new tax regime is now the default option for all taxpayers.
How to calculate income tax
To calculate Income Tax follow the following steps:
Step 1: Determine Gross Income
Gross income includes income from all sources such as salaries, rent and returns on investments.
Step 2: Subtract deductions
Use various deductions like Section 80C. This includes life insurance premium, investment in PPF, etc.
Step 3: Calculate taxable income
Subtract total deductions from gross income.
Step 4: Apply tax rates
Apply appropriate slab rates based on your taxable income.
Example calculation
Suppose a person has a gross income of ₹12 lakh and he claims ₹75,000 as standard deduction.
- Gross Income : ₹12,00,000
- Deductions : ₹75,000
- tax income :
12,00,000−75,000=₹11,25,00012,00,000−75,000=₹11,25,000Now let’s apply the new tax slab rates:
- Up to first ₹3 lakh: Nil
- Then from ₹3 lakh to ₹7 lakh (₹4 lakh):
4×5%=₹20,0004×5%=₹20,000
- Then from ₹7 lakh to ₹10 lakh (₹3 lakh):
3×10%=₹30,0003×10%=₹30,000
- Then from ₹10 lakh to ₹12 lakh (₹1.25 lakh):
1.25×15%=₹18,7501.25×15%=₹18,750
Calculation of total tax
Total Tax =
₹20,000+₹30,000+₹18,750=₹68,750₹20,000+₹30,000+₹18,750=₹68,750
income tax calculation in hindi
To calculate income tax, follow the following procedures:
Description of the stages
- Determine gross income : Include income from all sources.
- Claim deductions : Apply deductions under sections such as Section 80C.
- Calculate taxable income : Subtract total deductions from gross income.
- Apply Tax Rates : Apply appropriate slab rates based on taxable income.
Example calculation
Suppose a person’s gross income is ₹12 lakh and he claims ₹75 thousand as standard deduction.
- Gross Income : ₹12 Lakh
- Deductions : ₹75 thousand
- tax income :
12 lakh−75 thousand=₹11.25 lakh12 lakh−75 thousand=₹11.25 lakh Now new tax slab rates apply:
- Up to first ₹3 lakh: Nil
- Then from ₹3 lakh to ₹7 lakh (₹4 lakh):
4×5%=₹20हजार4×5%=₹20हजार
- Then from ₹7 lakh to ₹10 lakh (₹3 lakh):
3×10%=₹30हजार3×10%=₹30हजार
- Then from ₹10 lakh to ₹12 lakh (₹1.25 lakh):
1.25×15%=₹18.750thousand1.25×15%=₹18.750thousand
Calculation of total tax
Total Tax =
₹20 thousand+₹30 thousand+₹18.750 thousand=₹68.750 thousand₹20 thousand+₹30 thousand+₹18.750 thousand=₹68.750 thousand
conclusion
The budget for the financial year 2024-25 has made significant changes to India’s income tax structure. New slab rates and an increase in standard deduction have provided relief to many taxpayers. Understanding these changes is essential for financial planning and tax compliance. The new income tax system offers simplicity and potentially reduces tax liabilities for many taxpayers. Individuals can optimize their tax liabilities by using deductions appropriately and applying appropriate slab rates. This comprehensive guide is a valuable resource for understanding the new income tax structure in India in FY 2024-25 .
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