Question 1

What are the income tax slabs for FY 2024-25 under the new regime?

Accepted Answer

Under the new tax regime for FY 2024-25: 0% up to ₹3 lakh, 5% from ₹3-7 lakh, 10% from ₹7-10 lakh, 15% from ₹10-12 lakh, 20% from ₹12-15 lakh, and 30% above ₹15 lakh. A standard deduction of ₹75,000 applies for salaried individuals.

Question 2

Should I choose the old or new tax regime?

Accepted Answer

The new regime is generally better if you have fewer deductions. The old regime benefits those with high investments under 80C, HRA, home loan interest, and other deductions. Use this calculator to compare both and choose the one with lower tax outgo.

Question 3

What deductions are allowed under the old tax regime?

Accepted Answer

Old regime allows deductions under Section 80C (up to ₹1.5 lakh for PPF, ELSS, LIC, etc.), 80D (health insurance), 24(b) (home loan interest up to ₹2 lakh), HRA exemption, standard deduction of ₹50,000, and many more.

Question 4

Is standard deduction available in the new tax regime?

Accepted Answer

Yes. From FY 2024-25, the standard deduction of ₹75,000 is available for salaried employees and pensioners under the new tax regime.

Income Tax Estimator

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