Income Tax Calculation 2024-25 between ₹3 Lacs to ₹20 Lacs [SOLVED]

Income Tax Calculation 2024-25 between ₹3 Lacs to ₹20 Lacs [SOLVED]
In this video by FinCalC TV we will see Income Tax Calculation examples for FY 2024-25 AY 2025-26 with comparison of old and new tax regime. Standard deduction is applicable in new tax regime and old tax regime and also 7 lakh income will not attract any tax under new tax regime due to tax rebate under Section 87A.

Income Tax Calculator:
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Income Tax Slab Rates 2024-25:
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CHAPTERS:
00:00 Income Tax Calculation 2024-25 Intro
01:04 Income Tax Slabs for FY 2024-25
01:44 New Tax Regime Slab Rates
03:31 Income Tax Calculator for 2024-25
04:21 Rs. 3 Lakh Income Tax
05:46 Tax Saving Options in Old and New Tax Regime
08:26 Rs. 4 Lakh Income Tax
08:48 Rs. 5 Lakh Income Tax
08:58 Rs. 6 Lakh Income Tax
09:59 Rs. 7 Lakh Income Tax
10:31 Rs. 8 Lakh Income Tax
13:54 Conclusion

HRA Exemption Calculation:
   • HRA Calculation in Income Tax | House...  

After watching this video following queries will be solved:
How To Calculate Income Tax FY 2024-25 AY 2024-25?
What are the income tax slab rates for FY 2024-25?
What is standard deduction for FY 2024-25?
Old Slab rates vs new slab rates?
Income Tax calculation FY 2024-25 using excel examples?
Tax rebate under section 87A?
What is tax rebate u/s 87a
Eligibility for tax rebate 87a
Old income tax slab rates calculation vs new income tax slab rates calculation
New Budget 2024 income tax
standard deduction new tax regime

NEW TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 3 lacs
- 5% Tax on Income between Rs. 3 lacs to Rs. 6 lacs
- 10% Tax on Income between Rs. 6 lacs to Rs. 9 lacs
- 15% Tax on Income between Rs. 9 lacs to Rs. 12 lacs
- 20% Tax on Income between Rs. 11 lacs to Rs. 15 lacs
- 30% Tax on Income above Rs. 15 lacs

OLD TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
- 30% Tax on Income above Rs. 10 lacs

EXAMPLES:
Let's say your gross total income as Rs. 6,15,000
Let's say your total investments as Rs. 75,000. So your net taxable income becomes equal to Rs. 6,15,000 minus Rs. 75,000, which is equal to Rs. 5,40,000. These Deductions are applicable only if you are using Old Tax slab rates. Your net taxable income when considering New Tax slab rates remains Rs. 6,15,000, as no deductions are applied on your total income.
Now to calculate your income tax, if you are an employee or pensioner, you get a standard deduction of Rs. 50,000 only if you are using old tax slab rates.
So your net taxable income becomes equal to Rs. 4,90,000 if you are using Old Tax Slab Rates. But it remains as Rs. 6,15,000 based on new Tax Slab rates.

WATCH FULL VIDEO TO KNOW MORE ABOUT NEW INCOME TAX SLAB RATES AND MORE EXAMPLES.

#IncomeTax #Budget2024 #TaxCalculation #fincalc

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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.