Hello. As per the tax regime 24-25, income tax for 6 lakhs per annum is nil. This is due to the rebates under Section 87A. The new tax slab for FY 2024-25 places the Rs. 3 to 7 lakh income bracket under 5 percent tax. But, the new regime has made the taxable income to be zero for income up to Rs. 7 lakhs per annum. I will share more details below.
Income Tax for 6 Lakhs Salary
Here are the slabs for FY 2024-25:
Income tax slabs | Income tax rate (%) |
From Rs. 0 to Rs. 3,00,000 | 0 |
From Rs. 3,00,001 to Rs. 7,00,000 | 5 |
From Rs. 7,00,001 to Rs. 10,00,000 | 10 |
From Rs. 10,00,001 to Rs. 12,00,000 | 15 |
From Rs. 12,00,001 to Rs. 15,00,000 | 20 |
From Rs. 15,00,001 and above | 30 |
There have been some changes in the new tax regime for budget 2024. Knowing them will give you a deeper understanding of the tax implications.
The standard deduction limit has been increased by Rs 25,000, from Rs. 50,000 to Rs. 75,000. This is available for individual taxpayers who have income through pension or salary.
For family pensioners, the hike in standard deduction has been increased by Rs. 10,000, from Rs. 15,000 to Rs. 25,000.
A hike in deduction is available on the employer’s contribution to the NPS account of 14 percent, an increase of 4 percent from the previous 10.
This is all. I hope you now know the income tax on 6 lakh annual income.
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Some related information:
How to Pay Zero Tax for Income Upto 10 Lakhs in India?
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What is the Income Tax for 6 Lakhs Per Annum?
vinay
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2025-01-31T17:33:02+00:00 2025-01-31T17:33:03+00:00Comment
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