Latest Tax Slabs and Their Impact on Individuals & Businesses (2024-25)
Taxation is a critical aspect of financial planning, affecting both individuals and businesses. Understanding the latest tax slabs helps in effective tax planning and compliance with government regulations.
Latest Income Tax Slabs for FY 2024-25
For Individuals (Below 60 Years)
New Tax Regime (Optional)
| Income Slab | Tax Rate |
|---|---|
| Up to ₹2.5 lakh | Nil |
| ₹2.5 lakh – ₹5 lakh | 5% |
| ₹5 lakh – ₹7.5 lakh | 10% |
| ₹7.5 lakh – ₹10 lakh | 15% |
| ₹10 lakh – ₹12.5 lakh | 20% |
| ₹12.5 lakh – ₹15 lakh | 25% |
| Above ₹15 lakh | 30% |
Old Tax Regime (With Deductions & Exemptions)
| Income Slab | Tax Rate |
| Up to ₹2.5 lakh | Nil |
| ₹2.5 lakh – ₹5 lakh | 5% |
| ₹5 lakh – ₹10 lakh | 20% |
| Above ₹10 lakh | 30% |
Corporate Tax Slabs
| Type of Company | Tax Rate |
| Domestic Company (Turnover < ₹400 crore) | 25% |
| Domestic Company (Turnover > ₹400 crore) | 30% |
| New Manufacturing Companies | 15% |
| Foreign Companies | 40% |
GST Updates for 2024-25
- GST Rate Adjustments: Changes in tax rates for specific industries to boost economic growth.
- Input Tax Credit (ITC) Rules: Revised conditions for claiming ITC to prevent tax evasion.
- E-Invoicing Compliance: Mandatory e-invoicing for businesses above ₹5 crore turnover.
- Simplified GST Returns: Introduction of new forms for easier compliance.
