Deduction Under Section 80c, 80CCC to 80U

Rates of Tax for the A.Y. 2024-25 (P.Y. 2023-24)

 

A.   Winnings from lotteries, Crossword Puzzles or races including horse races card games etc. (Sec 115BB) Income tax payable is 30%

 

B.    Income by way of transfer of carbon credits (Sec 115BBG) Income tax payable is 10%

 

C.    Short Term Capital Gain (Sec 111A) Income tax payable is 15%

 

D.   Long Term Capital Gain (Sec 112) Income tax payable is 20% (L.T.C.G without indexing is 15%)

 

E.    Long Term Capital Gain on Equity Shares (Sec 112A) L.T.C.G on sale of equity shares or units of an equity oriented mutual funds or units of business trust is taxable at 10% exceeding Rs. 1,00,000

 

F.    Dividend in excess of Rs. 10,00,000 on gross basis is chargeable to tax at 10%

 

G.   Tax on reaming income  at normal rate given below

 

Old Regime Slabs Rates

Resident Citizen (Below 60 Years)		Resident Senior Citizen (Above 60 years but below 80 years)		Resident Very Senior Citizen (Above 80 years)
2,50,000	Nil	300000	Nil	500000	Nil
2,50,001 to 5,00,000	5%	300001 to 500000	5%	5,00,001 to 10,00,000	20%
5,00,001 to 10,00,000	20%	5,00,001 to 10,00,000	20%	10,00,001	30%
10,00,001	30%	10,00,001	30%

 

 

New Regime Slabs Rates

Resident Citizen
3,00,000	Nil
3,00,001 to 6,00,000	5%
6,00,001 to 9,00,000	10%
9,00,001 to 12,00,000	15%
12,00,001 to 15,00,000	20%
15,00,000	30%

 

 

Taxable Income (Format) Assessment Year 2024-25

 

Particulars	Amount	Amount	Amount
A] Income from salary
·        Basic pay	XXX
·        Taxable Allowances	XXX
·        Value of Perquisites	XXX
؞  Gross Salary	XXXX	XXXX
Less: Deduction u/s 16
1.      Standard Deduction		XXX
2.      Entertainment Allowance		XXX
3.      Professional Tax		XXX
؞ Income from Salary		XXXX	XXXX
B] Income from House Property	H1	H2
Step 1 Reasonable Expected Rent (least of the following two)
·        Municipal Value OR Fair Rent (Whichever is Higher)	XXX	XXX
·        Standard Rent	XXX	XXX
؞  Reasonable Expected Rent (Whichever is Lower i.e., 1&2)	XXXX	XXXX
Step 2 Actual Rent (Annual Rent – Unrealized Rent)	XXX	XXX
Step 3 Higher Between Step 1 & Step 2	XXX	XXX
Step 4 Loss due to vacancy	XXX	XXX
Step 5 ؞  Gross Annual Value (Step 3 - Step 4)	XXX	XXX
Step 6 Less: Municipal Tax Paid	XXX	XXX
Step 7 Net Annual Value	XXXX	XXXX
Less: Deduction under section 24
1.      Standard Deduction (30% of Net Annual Value)	XXX	XXX
2.      Interest on Capital/Loan	XXX	XXX
؞  Income from House Property	XXXX	XXXX
؞    Total Income From House Property		XXXX	XXXX
C] Income from Business or Profession
Profit as per Profit and loss account		XXX
Add: Disallowed Expenses but Debited to Profit and loss Account	XXX	XXX
Less: Disallowed Income but Credited to  Profit and loss Account	XXX	XXX
Less: Allowed Expenses but not Debited to Profit and loss Account	XXX	XXX
Add: Allowed Income but not Credited to Profit and loss Account	XXX	XXX
؞     Income from Business or Profession		XXXX	XXXX
D] Capital Gains
·        Short term capital gain		XXXX
·        Long term capital gain		XXXX
		XXXX	XXXX
E] Income from other sources		XXXX	XXXX
؞     Gross Total Income (A+B+C+D+E)			XXXX
Less Income from Winnings from lotteries, Crossword Puzzles or races including horse races card games, Short Term Capital Gain, Long Term Capital Gain.			XXXX
؞     Gross Total Income (without Lotteries, S.T.C.G & L.T.C.G.)			XXXX
Less: Deductions allowed u/s 80c to 80u			XXXX
؞     Total Income (without Lotteries, S.T.C.G & L.T.C.G.)			XXXX
Add: Income from Winnings from lotteries, Crossword Puzzles or races including horse races card games, Short Term Capital Gain, Long Term Capital Gain.			XXXX
؞     Total Income			XXXX