Understanding the Income Tax Slabs for AY 2024-25: A Complete Guide
Navigating through the different income tax slabs for AY 2024-25 can be complex, but it's essential to ensuring that taxpayers remain compliant while maximizing their financial benefits. Understanding these slabs is crucial for every taxpayer in India, whether you're an individual, a senior citizen, or a super senior citizen. For the Assessment Year (AY) 2024-25, the income tax slab for ay 2024 25 remains divided into several categories. For individuals below the age of 60, the tax slabs are as follows. Income up to INR 2.5 lakh is exempt from tax. Income between INR 2.5 lakh and INR 5 lakh is taxed at 5%, which translates to a maximum tax of INR 12,500. Income between INR 5 lakh and INR 7.5 lakh is taxed at 10%, leading to a maximum potential tax of INR 25,000. Income between INR 7.5 lakh and INR 10 lakh is taxed at 15%, resulting in a maximum tax of INR 37,500. Income between INR 10 lakh and INR 12.5 lakh is taxed at 20%, with a maximum tax of INR 50,000, and income betwee...