New Tax Regime - ZERO Income Tax on Income up to Rs. 7 Lakh [Calculation]

New Tax Regime - ZERO Income Tax on Income up to Rs. 7 Lakh FY 2024-25 [Calculation]
No Income Tax on Income up to Rs. 7 Lakh with New Tax Regime & Tax Rebate 87A.
In this video by FinCalC TV we will see No Income tax on income up to Rs. 7 lakh with new tax regime 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 and old tax regime 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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Deductions under New Tax Regime:
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CHAPTERS:
00:00 New Tax Regime Calculation Intro
01:03 Income Tax Calculator in Excel
01:26 Rs. 7 Lakh Income Tax Example
02:08 Slab wise Tax Calculation Details
04:13 Rs. 7.5 Lakh Income Tax Example
05:12 Income Tax above Rs. 7.5 Lakh Income
07:21 FinCalC Blog Income Tax Calculator
09:26 Conclusion
After watching this video following queries will be solved:
No Income Tax with new tax regime
New Tax regime income tax calculation
How To Calculate Income Tax FY 2024-25 AY 2024-25?
What are the income tax slab rates for FY 2024-25?
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. 6 lacs
- 10% Tax on Income between Rs. 6 lacs to Rs. 9 lacs
- 15% Tax on Income between Rs. 9 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.
#IncomeTax #TaxCalculation #IncomeTaxExcel #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.

[@fincalc]

New Tax Regime Calculation Video kaisa laga? COMMENT KARO 👇👇
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[@shoketwani2588]

Dear briefly explained.... Thnx

[@fincalc]

Thanks for liking

[@yadagirivaddepally7529]

Bahut acha explain kiya hai Than q.

[@fincalc]

welcome

[@chand8930]

Agr stcg stock market se kamaye toh us per bhi 7 lakh k baad lagega ya total.per lagega iska TDS katta hai ya direct pay karna hota hai iski itr file hoti hai ya nahi

[@KamalKishor-gf5un]

Thanks sir

[@pravakaramalik2215]

Please clarify wether marginal relief for small tax payers & agniveer corpus fund exemption is applicable in new tax regime or not

[@pranavbhovar8112]

Informative video

[@fincalc]

thanks

[@krishnamrajuvetukuri102]

Will you Please provide excell sheet download option?

[@20.music_official]

Meri 23-24 ka gross salary 761888 rupees hai.. mujhe kitna tax pay karna hoga

[@taporiwanted]

12370 new regime

[@MunnA.999]

Bro..Mera last year se 5.2 lakhs salary abi my tax pay karna..?

[@taporiwanted]

why you are not considering marginal relief in new tax regime

[@suhanikumari6742]

Aap koi ek example se samjhaye

[@nilambarpanda7518]

Sirji. Mere tax samj Nehi araha he.pleas bataenge.agar me Mera payment slip apki bhejta hu

[@nilambarpanda7518]

Reply please

[@reg4026]

Govt throwing a bait to lure people to opt for new tax regime, on fine day will come when this rebate will be revoked & there will be no option left to go back to old tax regime.
Only Sitharaman can do this 😂 a typical middle class minister.

[@user-ih5vd5qo2e]

क्या होगा अगर मेरी सलाना इनकम दस से 12लाख के बीच हो. नए और पुराने इनकम टैक्स रिजिम के अनुसार बताए

[@gopalpandey3634]

Bhai apka no dena