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Income Tax Confusion: 12 Lakh Threshold vs. Tax Slabs?

Vipul Bhavsar |88 Answers |Ask -Follow

Tax Expert - Answered on Feb 16, 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

Question by Rajan on Feb 01, 2025Hindi

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Hello.sir, FM says no tax upto 12 laks but she has also said tax Slabs where there are slabs varying from 0 to 30percent , not clear what to infer. Is this for those whose income is overand above the 12laks per amnum

Ans: No tax upto 12 Lakhs is for those who opt New Regime. For Old regime and Income above 12 Lakhs, the tax slabs and rate are applicable

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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Hi Mihir, I want to know why there is tax slabs when there is no tax payable for salary of Rs. 12 LPA as per FM

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if my income is 30 lakhs, then the slabs for tax calculation under new regime is it like below: Rs. 1 - Rs. 4,00,000 - 0% Rs. 4,00,001 - Rs. 8,00,000 - 5% - 0 (DUE TO TIL 12 LAKH NO TAX REBATE) Rs. 8,00,001 - Rs. 12,00,000 - 10% - 0 (DUE TO TIL 12 LAKH NO TAX REBATE) Rs. 12,00,001 - Rs. 16,00,000 (with standard deduction of 75000) - 15%- 48750 Rs. 16,00,001 - Rs. 20,00,000 - 20%- 80000 Rs. 20,00,001 - Rs. 24,00,000 - 25%- 100000 Rs. 24,00,001 - Rs. 30,00,00 - 30%- 120000 IS MY UNDERSTANDING CORRECT?

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