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Is my tax under the new regime 2024-25 with a gross income of 5 lakhs and STCG of 1 lakh?

Vipul Bhavsar |27 Answers |Ask -Follow

Tax Expert - Answered on Feb 22, 2025

Vipul Bhavsar is a chartered accountant from The Institute of Chartered Accountants of India. He has over 16 years of experience in corporate advisory, taxation and financial reporting.
His interest areas are consulting, income tax, GST and due diligence.
He founded his CA firm, V J Bhavsar and Associates, in 2010 through which he offers services like virtual CFO, trademark registrations, company /LLP formation, MIS reporting, audit, tax and TDS compliances, accounts receivable/payable management and payroll processing.... more

Asked by Anonymous - Dec 22, 2024Hindi

Money

my gross income for fy:24-25 will be 5 lac and STCG is 1 lac so under new tax regime what will be my tax liability?

Ans: Assuming STCG is from Shares on which STT is paid and sold after 23 Jul 2024, your tax liability for FY 2024-25 shall be around Rs.21300

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Respect Sir I am a senior citizen. My gross income during FY 24-25 works out around Rs 7.5 lacs out of which Rs 5 lacs from bank interest. In addition to above, my LTCG earning during FY 24-25 is Rs 3.4 lacs How much will be my total tax liability under new tax regime considering. Rs 50,000/ as my standard deduction. Regards D chakraborty Delhi

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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