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Confused: Do Budget Tax Breaks Hit My FY24-25?

Vivek Lala |324 Answers |Ask -Follow

Tax, MF Expert - Answered on Jun 04, 2025

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by Tupt on Apr 11, 2025Hindi

Money

Hi In the recent budget the government announced some tax relaxation I want to check if these apply for last year financial year 2024-25 assessment year 2025-26?

Ans: Will apply from FY 25-26

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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Is there any change in the old tax regime tax slabs in this budget? What are the exact tax slabs if I would like to opt for the old tax regime and would like to avail benefit of Standard Deduction, Section 80 C, NPS(80CCD1B and 80ccd2) and Section 80 D ?

Ans: No change in old tax regime. Slab rates are as follows:

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My gross income is 15 lakhs. I invested 1.5 Lakh in tax saving FD. Please give calculation ìn new regime as well as old one for AY 2023-24 as well as for AY 2024-25

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Asked by Anonymous - Jul 25, 2024Hindi

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What are the changes in income tax announced in the budget in 2024? I am 35, earning a salary of 15LPA. How can I save tax in old tax regime?

Ans: The below are the types of deductions you can claim under the old tax regime -

1. Investment in PPF/NSC/ Insurance: INR 150000
2. Mediclaim - depending upon self and / or dependents : INR 25000 / INR 50000 or INR 75000 (incase either parent is a senior citizen)
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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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