Income Tax Rate for Individual AY 2024-2025

As per Section 115BAC(1A) Tax Rate applicable to Individual is as under:

Total income	Rate of tax
Upto ₹ 3,00,000	Nil
From ₹ 3,00,001 to ₹ 6,00,000	5 %
From ₹ 6,00,001 to ₹ 9,00,000	10 %
From ₹ 9,00,001 to ₹ 12,00,000	15 %
From ₹ 12,00,001 to ₹ 15,00,000	20 %
Above ₹ 15,00,000	30 %

 

 

 

 

 

 

Starting from AY 2024-24 above will be default rate to an Individual.

As per Section 115BAC (1A), following deductions or exemptions are not available

1.     Section 10(5) Leave Travel Allowance

2.     Section 10(13A) i. e. House Rent Allowance

3.     Section 10(14) allowance to meet expenses like travel, conveyance etc.

4.     Section 10(17) daily allowance to MP, MLA

5.     Section 10(32) Minor child income upto ₹ 1500 per child.

6.     Section 10AA newly established units in SEZ

7.     Section 16(ii) Entertainment Allowance

8.     Section 16(iii) Tax on Employment i.e. professional tax

9.     Section 24(b) Interest on borrowed capital of house property

10. Section 32(1) (iia) Additional Depreciation

11. Section 32AD Investment in new plant or machinery in notified backward areas in certain States.

12. Section 33AB Investment in Tea, Coffee, rubber development board.

13. Section 33ABA deposit in Site restoration fund

14. Section 35(1)(ii) payment to research association doing scientific research

15. Section 35(1)(iia) payment to company doing scientific research

16. Section 35(1)(iii) payment to research association doing social and statistical research

17. Section 35(2AA) payment to National Laboratory or IIT

18. Section 35AD Deduction in respect of expenditure on specified business

19. Section 35CCC Expenditure on agricultural extension project

20. Section 57(iia) Family pension deduction

21. Deduction under chapter VIA excluding section 80CCD(2) Pension scheme, Section 80CCH(2) Agniveer corpus fund, 80JJAA deduction in respect of new employee