the Qs
the Qs

I heard salaried taxpayers can save up to ₹17,500 in taxes, but I’m confused about the new slab rates.Can you explain the new tax regime and how I can save on taxes?

Budget
budget
With the new tax regime for FY 2024-25, here’s how the updated slab rates work: Income up to ₹3 lakh is tax-free, income between ₹3 lakh and ₹7 lakh is taxed at 5%, income between ₹7 lakh and ₹10 lakh at 10%, income between ₹10 lakh and ₹12 lakh at 15%, income between ₹12 lakh and ₹15 lakh at 20%, and income above ₹15 lakh at 30%.You can save up to ₹17,500 in taxes due to the increase in the standard deduction from ₹50,000 to ₹75,000. This higher deduction lowers your taxable income, which means you’ll pay less tax and increase your savings.
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the Qs

I heard salaried taxpayers can save up to ₹17,500 in taxes, but I’m confused about the new slab rates.Can you explain the new tax regime and how I can save on taxes?

With the new tax regime for FY 2024-25, here’s how the updated slab rates work: Income up to ₹3 lakh is tax-free, income between ₹3 lakh and ₹7 lakh is taxed at 5%, income between ₹7 lakh and ₹10 lakh at 10%, income between ₹10 lakh and ₹12 lakh at 15%, income between ₹12 lakh and ₹15 lakh at 20%, and income above ₹15 lakh at 30%.You can save up to ₹17,500 in taxes due to the increase in the standard deduction from ₹50,000 to ₹75,000. This higher deduction lowers your taxable income, which means you’ll pay less tax and increase your savings.
Rectangle 5937

Wait..would you like to get more like this?

Join 12,000+ readers who receive our insights decoding Personal Finance twice a week, so you can make the most out of your money.
No Spam. Only Finance
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Recent Posts

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ULIPs combine insurance and investment, but hidden charges significantly lower returns compared to mutual funds. Understand IRDAI’s new restrictions on promoting ULIPs as investment products.

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Exploring the highest and lowest income tax rates across G20 countries and discovering how different nations tax their citizens, with India's highest rate at 30%.

Index Funds

Index funds make investing easy by tracking a market index, helping your money grow steadily. They offer lower fees and built-in diversification, providing a simple way to build long-term wealth.

Can you explain the major changes in capital gains taxation from the Budget 2024? I’m trying to figure out how these updates will impact my investments.

How much emergency fund should I have, and where to save it? Should I keep it in a separate account or invest?

Honestly, on the conservative side, one should have at least 12 months worth of living expenses as emergency savings and you cannot just create this once and forget about it.…

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Why join Dime's Tax Strategy Masterclass?

Comprehensive

Practical

Case Studies

This isn’t a normal masterclass. You will get a comprehensive hands-on experience of various “Tax Strategies” with our proven case-study based approach.

Get access to in-house built powerful Old vs. New Tax regime calculator, tax handouts, and more.
Thousands have benefited you can too!
Enroll Now

2000+ People have already saved Taxes