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Income Tax Slabs 2024-25: What Has Changed and What Hasn't
The Indian government has announced the Income Tax slabs for the fiscal year 2024-25, along with major changes in taxation. Here is a detailed look at the updated regime, containing comparisons with the old regime, new slab rates, and other key announcements.
New Tax Regime vs. Old Tax Regime
1. New Tax Regime Slabs
Up to ₹3 Lakhs: No tax
₹3 Lakhs to ₹6 Lakhs: 5%
₹6 Lakhs to ₹9 Lakhs: 10%
9 Lakhs to ₹12 Lakhs: 15%
₹12 Lakhs to ₹15 Lakhs: 20%
Above ₹15 Lakhs: 30%
The new regime is a much-simplified structure with reduced rates, but sans deductions or exemptions available in the old regime.
2. Old Tax Regime Slabs:
- Up to ₹2.5 Lakhs: No tax
- ₹2.5 Lakhs to ₹5 Lakhs: 5%
- ₹5 Lakhs to ₹10 Lakhs: 20%
- Above ₹10 Lakhs: 30%
Under the old regime, a host of deductions and exemptions will still be available for taxpayers, including the standard deduction, Section 80C benefits, among others.
Major Announcements:
1. Standard Deduction:
The standard deduction remains unchanged; it is still pegged at ₹50,000 for both regimes. It is available to salaried individuals and pensioners under the old tax regime.
2. Section 80C:
Under the old tax regime, there is still allowance for up to ₹1.5 Lakhs in deductions under Sec 80C. Deductions are made for investments made in PPF, EPF, and premiums paid toward life insurance.
3. Other Amendments:
- New Slab Rates for Senior Citizens: The exemption limits in the old regime are higher for the age bracket above 60, which shall continue as usual.
- Tax Benefit to Disabled Persons: Specific deductions under Section 80U for disabled persons are applicable under the old regime.
Comparative Analysis
The new regime, sans deductions and exemptions, eases the method of tax calculation and would be welcome by those taxpayers who would like to pay taxes with a hassle-free system. The old regime would turn out to be more beneficial if the amount of eligible deductions is substantial.
Impact and Suggestions:
Taxpayers should view their financial situation and compute their tax liabilities in both regimes. While the new tax regime presents an attractive look because of its simplicity, people who have huge savings from deductions and exemptions will like to stick to the old regime.
For correct assessment, people shall have to consult tax professionals, understand better their financial situations, and make a proper decision.
The new slabs for 2024-25, in use, are for a much more transparent and easily moving structure of tax, with options to be considered under different financial situations.
States of India
Kerala has issued a warning after a 14 year old boy died of the Nipah virus. According to the states health minister, an additional 60 people have been identified as being high risk.
A baby born in Karnataka with 13 fingers and 12 toes is being considered a divine blessing
A woman dies and 34 injured as DTC bus rams into metro pillar in near Shivaji Park metro station in west delhi, on July 22nd.
Delhi receiving blue tap water due to illegal gyeing units which pollutes ground water.
2 woman partially buried in gravel during protest in Madhya Pradhesh
Environment
Mumbai Cops Fill Potholes on Busy Highway: Shiv Sena (UBT) MLA Aaditya Thackeray Reacts
It was an unbelievable act of civic responsibility that the Mumbai police took up an unusual task of filling potholes on a busy city highway recently. This unconventional step was adopted in order to fill deteriorating road conditions that were fast turning out to be a problem for commuters and local residents.
On one pothole-ridden stretch of the Western Express Highway, the Mumbai Police took things quite literally into their own hands. Officers could be seen actively engaged in repairing the potholes by working with tools and materials more usually associated with road maintenance. This move was reportedly initiated after several complaints from citizens and local media highlighting the dangerous conditions of the road. The act of involving police officers in road repairs has raised a spate of reactions. Shiv Sena UBT) MLA Aaditya Thackeray reacted to the incident, who is a strong leader in the political scene of Mumbai. Thackeray slammed the act saying that road repair is a duty of municipal authorities not of police. Such acts by police show the failure of government at different levels in resolving basic infrastructure problems.
Sports
Veteran Goalkeeper PR Sreejesh to Hang up Boots After Paris 2024 Olympics
Veteran Indian hockey goalkeeper PR Sreejesh announced his retirement from international hockey after the Paris 2024 Olympics. He has been a very influential goalkeeper and captain of the side, who made some very important saves during a period when India rose to prominence in hockey over the past decade.
The 36-year-old Sreejesh has had a distinguished career, with a few hallmark successes, including his most famous one: leading India to a bronze medal at the Tokyo 2020 Olympics. His leadership and skill have been instrumental in the revival of India's fortunes in hockey on the global scene.
The Olympics in Paris will be Sreejesh's swan song, as he is reportedly looking to add one final feather to his cap before bidding adieu to the game. His departure will mark the end of an era for Indian hockey, with a long-standing and lasting legacy left behind him for the future generations.
Rahul Dravid All Set to Make IPL Return with New Franchise
Ex-captain of the Indian cricket team, Rahul Dravid, is all set to make his way back to the Indian Premier League, but not as a part of his old team, the Kolkata Knight Riders. If recent reports are anything to go by, then Dravid is going to join a new franchise, which will mark a huge development in the IPL circle.
Much excitement is brewing over the impending return of Dravid to the IPL, more so because of speculation about his association with a different franchise than KKR, where he played earlier. Dravid is in talks with his former IPL side Rajasthan Royals.
Rahul Dravid's IPL Journey
Rahul Dravid has been an influential figure in Indian cricket, with an exemplary international career and leadership credentials. He was associated with KKR once before, but since then, he has been involved in various roles in the game, including serving as head of the National Cricket Academy. His experience in each of those roles makes his return to the IPL highly anticipated, as those attributes are sure to bring a lot of value in terms of insight and guidance into what he would be doing now.
Rahul Dravid's much-anticipated return to the IPL with a new franchise holds out the promise for a new chapter in the history of the league. His experience and leadership are going to make a difference, and every fan will be watching with bated breath to know how his involvement shapes the journey of the new team in the tournament. Details may still be emerging, but Dravid's return definitely promises to add another dimension to the IPL and seal its status as a prime cricketing spectacle.
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