Select Your Tax Regime

Select Your Tax Regime.

It’s time for salaried individuals to make the critical decision of choosing tax regimes for FY24-25! Here are a few things to remember. Open Demat Account

Standard Deduction Unchanged

The standard deduction for FY 2024-25 remains consistent at ₹50,000 for both old and new tax regime. Open Demat Account

New Tax Regime Slabs

In the new regime, tax slabs range from nil tax up to ₹3 lakh income to 30% for income exceeding ₹15 lakh. Open Demat Account

Old Tax Regime Slabs

Here, tax slabs range from nil tax up to ₹2.5 lakh income to 30% for income exceeding ₹10 lakh. Open Demat Account

Make Sure to Notify Your Employer

Inform your employer at the start of the financial year about your preferred tax regime. Open Demat Account

Switching Regimes

You have the flexibility to switch between tax regimes when filing your return, but ensure it's within the due date to avoid penalties. Open Demat Account