Understanding Income Tax for FY 2024-25

What is the income tax slab for an individual earning ₹5,00,000 in FY 2024-25 under old tax regime?

• ₹20,000

• ₹12,500

• ₹10,000

• ₹15,000

Calculate the income tax for a resident individual with an income of ₹10,00,000 in FY 2024-25.

• ₹2,00,000

• ₹1,50,000

• ₹1,12,500

• ₹75,000

Answer explanation

For an income of ₹10,00,000, the tax calculation under the new regime is: 0-2.5L: 0%, 2.5-5L: 5%, 5-7.5L: 10%, 7.5-10L: 15%. Total tax = ₹0 + ₹12,500 + ₹25,000 + ₹37,500 = ₹75,000. Add 30% on income above ₹10L: ₹30,000. Total = ₹1,12,500.

What is the tax rate for income above ₹15,00,000 for FY 2024-25?

• 30%

• 15%

• 20%

• 25%

If a person has a total income of ₹8,00,000, what is the applicable tax slab?

• 20% tax slab

• 10% tax slab

• 5% tax slab

• 15% tax slab

What is the basic exemption limit for individuals below 60 years in FY 2024-25 under the new tax regime?

• Rs. 5 lakh

• Rs. 1 lakh

• Rs. 3 lakh

• Rs. 2.5 lakh

How is the residential status of an individual determined for tax purposes?

• It is determined by the individual's nationality.

• Residential status is based solely on income level.

• The status is assigned randomly by tax authorities.

• The residential status is determined by the number of days present in the country and ties to it.

What is the scope of income for a resident individual?

• All income earned or accrued in India and income received in India from abroad.

• Income from gifts received in India

• Only income earned abroad

• Income from investments in foreign countries

If a non-resident earns ₹7,00,000 in India, what is the tax liability?

• ₹1,00,000

• ₹2,00,000

• ₹52,500

• ₹1,50,000

Calculate the total tax payable for an individual with an income of ₹12,00,000 after deductions of ₹1,50,000.

• ₹1,20,000

• ₹1,50,000

• ₹1,32,600

• ₹1,00,000

What is the income tax slab for senior citizens in FY 2024-25?

• The income tax slab for senior citizens in FY 2024-25 is: 0% up to Rs. 3 lakh, 5% from Rs. 3 lakh to Rs. 5 lakh, 20% from Rs. 5 lakh to Rs. 10 lakh, and 30% above Rs. 10 lakh.

• 0% up to Rs. 5 lakh, 10% from Rs. 5 lakh to Rs. 10 lakh, 30% above Rs. 10 lakh

• 0% up to Rs. 4 lakh, 15% from Rs. 4 lakh to Rs. 8 lakh, 25% above Rs. 8 lakh

• 5% up to Rs. 2 lakh, 10% from Rs. 2 lakh to Rs. 4 lakh, 20% above Rs. 4 lakh