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GGAM & Associates LLP Chartered Accountants • Est. 2016
Budget 2024 Ready • Certified CA Computational Engines

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Explore our interactive computational models built by senior Chartered Accountants. Compare your tax liability under the latest revised slabs, calculate statutory GST interest, evaluate Startup India 80-IAC eligibility, and analyze bank loan DSCR in real time.

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Budget 2024 Revised Slabs • FY 2024-25 (AY 2025-26)

Income Tax Regime Comparator (Section 115BAC vs Old)

Includes revised Budget 2024 slabs, ₹75,000 standard deduction under New Regime, Section 87A rebates, and Chapter VI-A deductions under Old Regime.

Salary, Business or Professional
₹3 Lakhs ₹25 Lakhs ₹50 Lakhs

Old Regime Allowable Deductions (Chapter VI-A)

Recommended Strategy

Evaluating best regime...

New Regime (Default)
Total Tax (Incl. 4% Cess) ₹0
Std. Deduction: ₹75,000
Slabs: Revised Budget 2024
Old Regime
Total Tax (Incl. 4% Cess) ₹0
Total Deductions: ₹0
Std. Deduction: ₹50,000
Includes AIS/TIS reconciliation, 26AS matching, and deduction audit.

Budget 2024 Official Slabs Comparison Matrix (FY 2024-25 / AY 2025-26)

Finance (No. 2) Act, 2024
Income Slab New Regime (Sec 115BAC) Old Tax Regime Key Statutory Conditions
Up to ₹3,00,000 Nil (0%) Nil up to ₹2.5L (5% from ₹2.5L to ₹3L) Standard basic tax exemption limit
₹3,00,001 – ₹7,00,000 5% (Full Sec 87A Rebate up to ₹7 Lakhs) 5% up to ₹5L (Sec 87A Rebate up to ₹5L only) Zero effective tax under New Regime up to ₹7.75L with Std Ded.
₹7,00,001 – ₹10,00,000 10% 20% New Regime offers 10% lower statutory rate in this bracket
₹10,00,001 – ₹12,00,000 15% 30% Old Regime applies highest 30% rate above ₹10 Lakhs
₹12,00,001 – ₹15,00,000 20% 30% Revised in Budget 2024 to reduce middle-class tax outflow
Above ₹15,00,000 30% 30% Surcharge applies on total income exceeding ₹50 Lakhs
STATUTORY INTELLIGENCE & METHODOLOGY

Financial & Tax Calculation FAQs.

Authoritative explanations from practicing Chartered Accountants on tax regimes, late fees, and banking debt modeling.

Under Budget 2024, the New Tax Regime (Section 115BAC) provides a standard deduction of ₹75,000 and zero tax up to ₹7.75 Lakhs. As a rule of thumb, unless your total itemized deductions (Section 80C + 80D + HRA + Section 24b home loan interest) exceed approximately ₹3.75 Lakhs to ₹4.25 Lakhs, the New Regime will almost always yield lower tax outflow with zero compliance paperwork.
Following the landmark retrospective amendment to Section 50(1) of the CGST Act, interest @ 18% per annum is strictly leviable only on the net cash tax liability paid through the Electronic Cash Ledger (Challan), and NOT on the gross tax liability paid by debiting the Electronic Credit Ledger (Input Tax Credit).
DPIIT recognition is the preliminary government certification that unlocks intellectual property rebates and angel tax exemptions. Section 80-IAC is a subsequent, rigorous approval granted by the Inter-Ministerial Board (IMB) that provides a 100% deduction on profits for 3 consecutive financial years. GGAM assists founders in drafting the detailed business innovation brief required for IMB approval.
The Credit Monitoring Arrangement (CMA) Data report is a standardized 7-statement financial framework mandated by the Reserve Bank of India. It reconciles past operating performance with projected cash flows, working capital cycles (holding periods of inventory, debtors, and creditors), and verifies whether the borrower's DSCR remains safely above the 1.50x benchmark.
Salaried individuals without business income can freely switch between the Old and New regimes on a year-to-year basis while filing Form ITR-1 or ITR-2. However, individuals or entities with income from Business or Profession (filing ITR-3 or ITR-4) can opt out of the New Regime only once in a lifetime by filing Form 10-IEA prior to the statutory due date under Section 139(1).
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