New Tax Regime - Marginal Relief & Tax Rebate EXPLAINED | Income Tax Calculation 2024-25

New Tax Regime - Marginal Relief & Tax Rebate EXPLAINED | Income Tax Calculation 2024-25
In this video by FinCalC TV we will see tax rebate and marginal relief examples in new tax regime for FY 2024-25 in hindi. After changes in tax slab rates of new tax regime, there are some changes in tax rebate and marginal relief 2024-25.
Income Tax Calculation examples for FY 2024-25 AY 2025-26 with comparison of old and new tax regime in hindi. Standard deduction is applicable in new tax regime (Rs. 75,000) and old tax regime (Rs. 50,000) for salaried employees and also 7 lakh income will not attract any tax under new tax regime due to tax rebate under Section 87A.
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New Tax Regime 2024-25:
- Rs. 75,000 Standard Deduction
- Revised Tax Slab Rates
1. Tax Rebate Section 87A for new tax regime
- Applicable if taxable income is Rs. 7 Lakh or below (new regime)
- Rs. 20,000 rebate available after revised slab rates
2. Marginal Relief for new tax regime
- Total Income = Rs. 7,97,222
- Taxable Income = Rs. 7,22,222 (relief available up to this amount)
After watching this video following queries will be solved:
How To Calculate Income Tax FY 2024-25 AY 2024-25?
What are the income tax slab rates for FY 2024-25?
New tax regime slab rates 2024-25
tax rebate limit in new tax regime
marginal relief in new tax regime
What is standard deduction for FY 2024-25?
Old Slab rates vs new slab rates?
Income Tax calculation FY 2024-25 using excel examples?
Tax rebate under section 87A?
What is tax rebate u/s 87a
Eligibility for tax rebate 87a
Old income tax slab rates calculation vs new income tax slab rates calculation
New Budget 2024 income tax
standard deduction new tax regime
NEW TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 3 lacs
- 5% Tax on Income between Rs. 3 lacs to Rs. 7 lacs
- 10% Tax on Income between Rs. 7 lacs to Rs. 10 lacs
- 15% Tax on Income between Rs. 10 lacs to Rs. 12 lacs
- 20% Tax on Income between Rs. 11 lacs to Rs. 15 lacs
- 30% Tax on Income above Rs. 15 lacs
OLD TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
- 30% Tax on Income above Rs. 10 lacs
EXAMPLES:
Let's say your gross total income as Rs. 6,15,000
Let's say your total investments as Rs. 75,000. So your net taxable income becomes equal to Rs. 6,15,000 minus Rs. 75,000, which is equal to Rs. 5,40,000. These Deductions are applicable only if you are using Old Tax slab rates. Your net taxable income when considering New Tax slab rates remains Rs. 6,15,000, as no deductions are applied on your total income.
Now to calculate your income tax, if you are an employee or pensioner, you get a standard deduction of Rs. 50,000 only if you are using old tax slab rates.
So your net taxable income becomes equal to Rs. 4,90,000 if you are using Old Tax Slab Rates. But it remains as Rs. 6,15,000 based on new Tax Slab rates.
WATCH FULL VIDEO TO KNOW MORE ABOUT NEW INCOME TAX SLAB RATES AND MORE EXAMPLES.
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.
I Am Not A SEBI Registered Adviser. All The Information Provided By Me Are For Educational/Informational Purposes Only. We Do Not Take Any Responsibility For The Accuracy Of The Data But As It May Contain Typographic Or Other Errors And Inaccuracies And We Expressly Disclaim Liability For Any Errors On The UA-cam Channel (FinCalC TV). Please consult your Financial Advisor before taking any decision or action in terms of your Finances.