upto 2.

5 L - Nil

2.5L to 5L - 5%
Other (below 60)
5L to 10L - 20% A resident individual
(whose net income
Above 10L - 30% does not exceed Rs.
50L to 1Cr - 10% 5,00,000) can avail
rebate under section
upto 3L - Nil
87A. It is deductible
plus 1Cr to 2Cr - 15% from income-tax
plus HEC @ 4% of
3L to 5L - 5% surcharge on Rebate before calculating
(Income Tax & Surcharge)
Old regime Senior Citizen (60-79) income tax 2Cr to 5Cr - 25% education cess. The
5L to 10L - 20% amount of rebate is
Above 5Cr - 37% 100 per cent of
Above 10L - 30% income-tax or Rs.
12,500, whichever is
less.
upto 5L - Nil

Super Senior Citizen

5L to 10L - 20%
(above 80
Individual/HUF
above 10L - 30%

upto 3L - Nil
Maximum rebate of Rs. 25,000 is allowed under
section 87A, If the total income of an individual, who
3L to 6L - 5% is opting for the new tax scheme under Section
50L to 1Cr - 10% 115BAC(1A), is up to Rs. 7,00,000.
6L to 9L - 10% plus plus HEC @ 4% of
New Regime surcharge on 1Cr to 2Cr - 15% (Income Tax & Rebate if the total income of the resident individual
9L to 12L - 15% income tax Surcharge) (opting section 115BAC(1A) exceeds Rs. 7,00,000 and
above 2Cr - 25% the tax payable on such income exceeds the
12L to 15L - 20% difference between the total income and Rs.
7,00,000, he can claim a rebate with marginal relief
to the extent of the difference between the tax
above 15L - 25% payable on such total income and the amount by
which it exceeds Rs. 7,00,000
Marginal Relief is available

Flat Income Tax @ 30%

Surcharge 12% of
Firm income tax if income
exceed 1crore

plus HEC @ 4% of
(Income Tax &
Surcharge)

Where its total turnover

or gross receipt during
the previous year 2021- 25%
22 does not exceed Rs. 1 Cr to 10 Cr - 7%
plus surcharge plus HEC @ 4% of
400 crore on income tax (Income Tax & Surcharge)
Normal Rate above 10Cr - 12%
Any other domestic
30%
company

TAX RATE Domestic Where it opted for

Section
115BA
25%

(AY 24-25) Special Rate (New

Where it opted for
Section 22%
plus surcharge under Section
115BAA or Section 115BAB shall be plus HEC @ 4% of
Regime) flat 10% irrespective of amount of (Income Tax & Surcharge)
115BAA
total income.
Company Where it opted for
Section 15%
115BAB

Flat Income Tax 40%

1 Cr to 10 Cr - 2%
Foreign plus Surcharge
Above 10 Cr - 5%

plus HEC @ 4% of
(Income Tax &
Surcharge)

upto 10000 - 10%

1 Cr to 10 Cr - 7% plus HEC @ 4% of
plus surcharge on
Normal 10000 to 20000 - 20% (Income Tax &
income tax
above 10 Cr - 12% Surcharge)
above 20000 - 30%
Co operative
Society section 115BAD (New
tax rate of 22% plus
10% surcharge and 4%
Regime)
cess
Special Tax Rate
section 115BAE New tax rate of 22% plus
Regime 10% surcharge and 4%
Manufacturing) cess

Flat Income Tax @ 30%

Local Surcharge 12% of income

Authorities tax if income exceed 1 crore

plus HEC @ 4% of (Income

Tax & Surcharge)
 Traders PGBP as per slab rate

Dividend Other source as per slab rate

Equity
held upto 24 months STCG Slab rates
Investment
Unlisted Shares
more than 24 months LTCG 20% with indexation
Capital Gain
held upto 12 months STCG 15%

Listed Share
upto 1 Lakh Exempt
more than 12 months LTCG
above 1 Lakh 10% without indexation

100 % Equity Fund

100 % Debt Fund always short term capital gains Slab rates

Mutual Fund 65% or more in equity share refer 100% Equity Fund treatment

held upto 36 months STCG Slab rates

less than 65% but more than
Hybrid Funds
35% invested in equity
more than 36 months LTCG 20% with indexation
Tax Rate on investment &
35% or less invested in equity always short term capital gains Slab rate
securities for AY 2024-25

Interest Other sources as per slab rate

held upto 36 months STCG Slab rate

Debt/Bond Unlisted
more than 36 months LTCG 20%
Capital Gain
Market linked debenture/Bond always STCG Slab rate

Listed Indexation benefit is not available on bond and

held upto 12 months STCG Slab rate debenture, however indexation is available in
case of Capital Indexed Bonds and Sovereign
Other listed debenture/bond Gold Bonds

more than 12 months LTCG 20% without indexation

held upto 36 months STCG Slab rate

Gold
more than 36 months LTCG 20% with indexation benifit

FD Interest income other source as per slab rate

 Have option in ITR Form to select old tax
Salaried individual
regime
For AY 2024-25, New Tax
1. Default Regime Regime is default tax regime.
How to opt out
Need to file Form 10-IEA on or before the
Business individual due date for filing the return of income
under Section 139(1)

up to 300000 - Nil

300001 to 600000 - 5%
50 L - 1 Crore - 10%
600001 to 900000 - 10%
2. Tax Slab plus surcharge 1 Cr to 2 Crore - 15% plus HEC 4%
900001 to 1200000 - 15%
Above 2 Crore - 25%
1200001 to 1500000 - 20%

Above 1500000 - 30%

Flat 50000 deduction available for

Standard Deductions
salaried individual from AY 2024-25

Income Tax
Income <= 700000 Lower Benefit of standard deduction of 50000
Rs. 25000 shall also be available in case of salaried
Tax Relief
class individual
Income > 700000 Not eligible
New Tax Regime
for AY 24-25 Rebate
if the total income of the resident individual (opting section
115BAC(1A) exceeds Rs. 7,00,000 and the tax payable on
Hence income up to 750000 would be tax
such income exceeds the difference between the total
Marginal Relief free due to standard deduction and
income and Rs. 7,00,000, he can claim a rebate with
Pros marginal relief is available from 750000 to
marginal relief to the extent of the difference between the
777778
tax payable on such total income and the amount by which
it exceeds Rs. 7,00,000

1/3 pf pension
Deduction for Family Pension LOWER
15000

Sec 80JJAA Employment of New

Employees

80CCD(2) - NPS Contri by employer up to

50000
Other available deductions
80CCH(2) - CG contri to Agniveer Fund

80LA - Certain Income Of Offshore

Banking Units

Self Occupied No deduction available

Interest on House Property
3. Analysis Let Out deduction available us 24(b)

Loss under HP can sett off

with other income

Loss under HP can't carry

forward

1.Leave Travel concession [Section 10(5)]

2.House Rent Allowance [Section 10(13A)]

3.Official and personal allowances (other

than those as may be prescribed)
[Section10(14)]

4.Allowances to MPs/MLAs [Section 10(17)]

5.Allowances for income of minor [Section

10(32)]

Cons 6.Deduction for units established in

Special Economic Zones (SEZ) [Section
10AA];

7.Entertainment Allowance [Section 16((ii)]

8.Professional Tax [Section 16(iii)]

9.Interest on housing loan (Self Occupied

Property) [Section 24(b)]

10.Additional depreciation in respect of

new plant and machinery [Section 32(1)
(iia)];

11.Deduction for investment in new plant

and machinery in notified backward areas
[Section 32AD

12.Deduction in respect of tea, coffee or

rubber business [Section 33AB];

Deduction not available 13.Deduction in respect of business

consisting of prospecting or extraction or
production of petroleum or natural gas in
India [Section 33ABA];

14.Deduction for donation made to

approved scientific research association,
university college or other institutes for
doing scientific research which may or
may not be related to business [Section
35(1)(ii)];
15.Deduction for payment made to an
Indian company for doing scientific
research which may or may not be related
to business [Section 35(1)(iia)];

16.Deduction for donation made to

university, college, or other institution for
doing research in social science or
statistical research [Section 35(1)(iii)];

17.Deduction for donation made for or

expenditure on scientific research
[Section35(2AA)];

18.Deduction in respect of capital

expenditure incurred in respect of certain
specified businesses, i.e., cold chain facility,
warehousing facility, etc. [Section 35AD];

19.Deduction for expenditure on

agriculture extension project [Section
35CCC];

20.Deduction in respect of certain

incomes other than specified above in
cons like 80C, 80D etc
 Business in which cash receive does not Non account payee
exceed 5 % of the total turnover or gross cheque shall deemed to
receipts of such previous year, be receipt in cash

Digital Business Turnover Limit upto 3Cr Digital Receipts min 6%

44AD Business Profit Limit
Other Business Turnover Limit upto 2Cr Cash Receipts min 8%

New Presumptive Digital Profession Gross Receipt upto 75 Lakh

Taxation for AY 2024-25 44ADA Professionals Profit Limit min 50%
Other Gross Receipt upto 50 Lakh

44AE Goods Carriages upto 10 goods vehicles Profit Limit min 7500/vehicle/month