{"id":220,"date":"2025-07-20T15:45:07","date_gmt":"2025-07-20T15:45:07","guid":{"rendered":"https:\/\/vgaccountax.com\/v1\/?p=220"},"modified":"2025-07-20T15:46:25","modified_gmt":"2025-07-20T15:46:25","slug":"income-tax-guide-for-salaried-individuals-fy-2024-25","status":"publish","type":"post","link":"https:\/\/vgaccountax.com\/v1\/2025\/07\/20\/income-tax-guide-for-salaried-individuals-fy-2024-25\/","title":{"rendered":"Income Tax Guide for Salaried Individuals (FY 2024-25)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Introduction<\/h2>\n\n\n\n<p>If you&#8217;re a <strong>salaried individual<\/strong>, income tax is likely deducted from your salary every month under <strong>TDS (Tax Deducted at Source)<\/strong>. While this automates tax payments, it\u2019s crucial to understand how your income is taxed, how to save taxes legally, and what benefits you can claim.<\/p>\n\n\n\n<p>This blog will help you understand the basics of income tax applicable to salaried persons for <strong>Financial Year 2024\u201325 (AY 2025\u201326)<\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Key Highlights<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Two Tax Regimes: <strong>Old vs New<\/strong><\/li>\n\n\n\n<li>Tax Slabs for FY 2024\u201325<\/li>\n\n\n\n<li>Tax-saving Options (Old Regime)<\/li>\n\n\n\n<li>Common Allowances and Deductions<\/li>\n\n\n\n<li>ITR Filing and Form 16<\/li>\n\n\n\n<li>Tips to Minimize Tax Legally<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Old vs New Tax Regime<\/h2>\n\n\n\n<p>The government now offers <strong>two tax regimes<\/strong>:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. <strong>Old Regime<\/strong> \u2013 Higher tax rates, but with <strong>deductions &amp; exemptions<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">2. <strong>New Regime<\/strong> \u2013 Lower tax rates, but <strong>no common deductions<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Income Slab<\/th><th>Old Regime<\/th><th>New Regime (Default from FY 24\u201325)<\/th><\/tr><\/thead><tbody><tr><td>\u20b90 \u2013 \u20b92.5 lakh<\/td><td>Nil<\/td><td>Nil<\/td><\/tr><tr><td>\u20b92.5 \u2013 \u20b95 lakh<\/td><td>5%<\/td><td>5%<\/td><\/tr><tr><td>\u20b95 \u2013 \u20b97.5 lakh<\/td><td>20%<\/td><td>10%<\/td><\/tr><tr><td>\u20b97.5 \u2013 \u20b910 lakh<\/td><td>20%<\/td><td>15%<\/td><\/tr><tr><td>\u20b910 \u2013 \u20b912.5 lakh<\/td><td>30%<\/td><td>20%<\/td><\/tr><tr><td>\u20b912.5 \u2013 \u20b915 lakh<\/td><td>30%<\/td><td>25%<\/td><\/tr><tr><td>Above \u20b915 lakh<\/td><td>30%<\/td><td>30%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Rebate u\/s 87A<\/strong> is available in both regimes if total income is up to \u20b97 lakh (new) or \u20b95 lakh (old), making your tax liability zero.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Common Deductions (Old Regime)<\/h2>\n\n\n\n<p>You can <strong>reduce taxable income<\/strong> using these popular deductions:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Section<\/th><th>Description<\/th><th>Maximum Limit<\/th><\/tr><\/thead><tbody><tr><td>80C<\/td><td>LIC, PPF, ELSS, EPF, Home Loan (principal)<\/td><td>\u20b91,50,000<\/td><\/tr><tr><td>80D<\/td><td>Medical insurance premium<\/td><td>\u20b925,000 (\u20b950,000 for senior parents)<\/td><\/tr><tr><td>24(b)<\/td><td>Home loan interest<\/td><td>\u20b92,00,000<\/td><\/tr><tr><td>80E<\/td><td>Education loan interest<\/td><td>No limit (8 years)<\/td><\/tr><tr><td>HRA<\/td><td>Rent paid (conditions apply)<\/td><td>Varies<\/td><\/tr><tr><td>Standard Deduction<\/td><td>Flat deduction on salary income<\/td><td>\u20b950,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Note:<\/strong> These are <strong>not allowed<\/strong> in the <strong>New Regime<\/strong>, except for <strong>Standard Deduction (from FY 24\u201325)<\/strong> and employer\u2019s NPS contribution.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Understanding Form 16<\/h2>\n\n\n\n<p>Your employer issues <strong>Form 16<\/strong> at the end of the financial year. It contains:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Salary break-up<\/li>\n\n\n\n<li>Deductions claimed<\/li>\n\n\n\n<li>TDS deducted<\/li>\n\n\n\n<li>PAN details<\/li>\n<\/ul>\n\n\n\n<p>Use this to file your <strong>Income Tax Return (ITR-1)<\/strong> on the <a class=\"\" href=\"https:\/\/www.incometax.gov.in\">Income Tax e-filing portal<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Tips to Save Tax Legally<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Choose the correct tax regime<\/strong> \u2013 Calculate under both and select wisely.<\/li>\n\n\n\n<li><strong>Utilize full 80C limit<\/strong> \u2013 Invest in PPF, ELSS, or pay LIC premiums.<\/li>\n\n\n\n<li><strong>Claim HRA<\/strong> \u2013 If you&#8217;re paying rent, keep receipts and PAN of landlord.<\/li>\n\n\n\n<li><strong>Buy medical insurance<\/strong> \u2013 Not just for tax benefit, but financial safety.<\/li>\n\n\n\n<li><strong>Plan for long term<\/strong> \u2013 Invest in tax-saving options early in the year.<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Important Deadlines<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Task<\/th><th>Due Date (FY 2024\u201325)<\/th><\/tr><\/thead><tbody><tr><td>Investment proof submission to employer<\/td><td>Jan\u2013Feb 2025<\/td><\/tr><tr><td>ITR Filing (without penalty)<\/td><td><strong>31st July 2025<\/strong><\/td><\/tr><tr><td>ITR Filing (with penalty)<\/td><td>Up to 31st Dec 2025<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>Understanding income tax isn&#8217;t just for professionals\u2014it empowers every salaried individual to make better financial decisions. Whether you choose the old or new regime, staying compliant and planning ahead can help you <strong>save more and stress less<\/strong>.<\/p>\n\n\n\n<p>Need help with tax planning or ITR filing? Consult a <strong>Chartered Accountant<\/strong> or reach out to a platform like <strong>VG AccounTax<\/strong> for expert support.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction If you&#8217;re a salaried individual, income tax is likely deducted from your salary every month under TDS (Tax Deducted at Source). While this automates tax payments, it\u2019s crucial to understand how your income is taxed, how to save taxes legally, and what benefits you can claim. This blog will help you understand the basics [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[14],"class_list":["post-220","post","type-post","status-publish","format-standard","hentry","category-income-tax","tag-blog"],"_links":{"self":[{"href":"https:\/\/vgaccountax.com\/v1\/wp-json\/wp\/v2\/posts\/220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vgaccountax.com\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vgaccountax.com\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vgaccountax.com\/v1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vgaccountax.com\/v1\/wp-json\/wp\/v2\/comments?post=220"}],"version-history":[{"count":2,"href":"https:\/\/vgaccountax.com\/v1\/wp-json\/wp\/v2\/posts\/220\/revisions"}],"predecessor-version":[{"id":223,"href":"https:\/\/vgaccountax.com\/v1\/wp-json\/wp\/v2\/posts\/220\/revisions\/223"}],"wp:attachment":[{"href":"https:\/\/vgaccountax.com\/v1\/wp-json\/wp\/v2\/media?parent=220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vgaccountax.com\/v1\/wp-json\/wp\/v2\/categories?post=220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vgaccountax.com\/v1\/wp-json\/wp\/v2\/tags?post=220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}