Income-tax on Individuals / HUF / AOP / BOI or Artificial Judicial Persons for the financial year 2024-25, relevant to the assessment year 2025-26.
Additional Notes and an understanding with conclusion of two tax regimes- In a case where total income exceeds ₹50 lacs, the surcharge is also applicable in addition to tax & cess payable on such income. The rates of surcharge range from 10% to 37% under the Optional Tax Regime & 10% to 25% under the Default Tax Regime.
- Income chargeable to tax at special rates, as referred above, are taxed separately at rates given below;
| Sr. No. | Particulars of income | Relevant section | Rate of tax |
| 1 | Long-term capital gains (LTCG) | 112 | 20% with indexation benefit or 12.5% without indexation benefit till 22/07/2024, afterwards at 12.5% without indexation benefit. |
| 2 | Long-term capital gains (LTCG) | 112A | 10% or 12.5% (without indexation benefit) till 22/07/2024, afterwards at 12.5% without indexation benefit, provided such gain exceeds ₹1,25,000 for the year. |
| 3 | Short-term capital gains (STCG) | 111A | 20% |
| 4 | Winnings from lotteries, crossword puzzles, races including horse races, card games, gambling or betting | 115BB | 30% |
| 4 | Income from Virtual Digital Assets (VDA) | 115BBH | 30% |
| 5 | Net winnings from online games | 115BBJ | 30% |
Conclusion
A taxpayer with a total income amounting to ₹7,00,000 or less should opt to pay tax under Default Tax Regime, as there would be no tax payable. However, if the total income exceeds ₹7,00,000 for the financial year, the taxpayer should compute taxes under both the schemes and opt the most beneficial among the two schemes.