Income Tax Slab Rates and Tax Benefits in Budget for Fy 2024-25
Comparative Analysis of Income Tax Slab Rates: Interim Budget vs. Current Budget for FY 2024-25
Overview
This article presents a detailed comparison of the income tax slab rates under the interim budget and the current budget for the financial year 2024-25. The analysis focuses on three different gross income levels: ₹10 Lakh, ₹12 Lakh, and ₹15 Lakh. The comparison highlights the tax benefits under the current budget compared to the interim budget.
Income Tax Calculation for Gross
Income of ₹10 Lakh
Interim
Budget Slab Rate:
|
Income Range |
Tax Rate |
Tax Amount |
|
0-3
Lakh |
0% |
₹0 |
|
3-6
Lakh |
5% |
₹15,000 |
|
6-9
Lakh |
10% |
₹30,000 |
|
9-10
Lakh |
15% |
₹7,500 |
|
Total
Tax |
₹52,500 |
Current Budget Slab Rate:
|
Income Range |
Tax Rate |
Tax Amount |
|
0-3
Lakh |
0% |
₹0 |
|
3-7
Lakh |
5% |
₹20,000 |
|
7-9.25
Lakh |
10% |
₹22,500 |
|
Total
Tax |
₹42,500 |
Income Tax Calculation for Gross Income of ₹12 Lakh
Interim Budget Slab Rate:
|
Income Range |
Tax Rate |
Tax Amount |
|
0-3
Lakh |
0% |
₹0 |
|
3-6
Lakh |
5% |
₹15,000 |
|
6-9
Lakh |
10% |
₹30,000 |
|
9-11.50
Lakh |
15% |
₹37,500 |
|
Total
Tax |
₹82,500 |
Current Budget Slab Rate:
|
Income Range |
Tax Rate |
Tax Amount |
|
0-3
Lakh |
0% |
₹0 |
|
3-7
Lakh |
5% |
₹20,000 |
|
7-10
Lakh |
10% |
₹30,000 |
|
10-12
Lakh |
15% |
₹18,750 |
|
Total
Tax |
₹68,750 |
Income Tax Calculation for Gross Income of ₹15 Lakh
Interim
Budget Slab Rate:
|
Income Range |
Tax Rate |
Tax Amount |
|
0-3
Lakh |
0% |
₹0 |
|
3-6
Lakh |
5% |
₹15,000 |
|
6-9
Lakh |
10% |
₹30,000 |
|
9-12
Lakh |
15% |
₹45,000 |
|
12-14.50
Lakh |
20% |
₹40,000 |
|
Total
Tax |
₹1,30,000 |
Current Budget Slab Rate:
|
Income Range |
Tax Rate |
Tax Amount |
|
0-3
Lakh |
0% |
₹0 |
|
3-7
Lakh |
5% |
₹20,000 |
|
7-10
Lakh |
10% |
₹30,000 |
|
10-12
Lakh |
15% |
₹30,000 |
|
12-14.25
Lakh |
20% |
₹45,000 |
|
Total
Tax |
₹1,25,000 |
Conclusion
The comparative analysis reveals that the current
budget offers a mix of benefits and increased liabilities depending on the
income bracket. Specifically:
- For
a gross income of ₹10 Lakh, the current budget offers a benefit of
₹10,000.
- For
a gross income of ₹12 Lakh, the current budget offers a benefit of
₹13,750.
- For
a gross income of ₹15 Lakh, the current budget offers a benefit of
₹15,000.
These calculations emphasize the importance of
understanding specific tax slab details to optimize financial planning for the
fiscal year 2024-25.
