Income Tax Slab & Rate for FY 2025-26

[Ekavya]

My expectations regarding tax slab from this budget.

New Tax Regime:
0-25 Lakh: 0%
25-50 Lakh: 10%
50 Lacs and onwards - 20%

Best budget to not loot people like us - middle/upper middle class.

0-10 Lakh 10%
10-20 Lakh 20%
20-30 Lakh 30%

...
...


90-100 Lakh 100%

 

[credit_saver]

Can short-term capital gains from a debt mutual fund be set off against short-term capital losses from an equity mutual fund?

For example, let's say I have already realized a gain of ₹20,000 from my debt mutual fund. Now, some of my equity mutual funds are in loss, amounting to ₹15,000. In this case, should I pay tax on ₹20,000 or only on ₹5,000?

 

[2025]

Can short-term capital gains from a debt mutual fund be set off against short-term capital losses from an equity mutual fund?

For example, let's say I have already realized a gain of ₹20,000 from my debt mutual fund. Now, some of my equity mutual funds are in loss, amounting to ₹15,000. In this case, should I pay tax on ₹20,000 or only on ₹5,000?

Yes.
1. Short CG loss can be set off by short CG gain. (your question)
2. Long CG loss can only be set off against long CG gain.
3. Long CG gain can also be used to set off short CG loss.

Intra-head adjustments are also possible in a specific scenario (not always).

Please refer: https://incometaxindia.gov.in/Pages/faqs.aspx?k=FAQs+on+Set+Off+and+Carry+Forward+of+Losses

 

[Centurion_wala]

My company offers me below components to choose from in Choice Pay, could someone tell me what all would be exempted from Tax in the new Regime? (I was previously filing in the Old Regime)View attachment 92845

 

[Z_S]

My company offers me below components to choose from in Choice Pay, could someone tell me what all would be exempted from Tax in the new Regime? (I was previously filing in the Old Regime)View attachment 92845

From the above none of the benefits would be allowed in Section115BAC(New regime)

Only and only standard deduction of Rs. 75,000/- is allowed and all these deductions are covered under Chapter VI-A of IT Act,which are not available..
Can refer the below mentioned link also for clear understanding:

Section 115BAC of Income Tax Act: New Tax Regime Slabs, Deductions and Exemptions

Discover the benefits of Section 115BAC of the Income Tax Act, including revised tax slabs, deductions, and key features of the new tax regime. Explore simplified tax structures and potential savings to make informed financial decisions

cleartax.in

 

[desiviru]

From the above none of the benefits would be allowed in Section115BAC(New regime)

Only and only standard deduction of Rs. 75,000/- is allowed and all these deductions are covered under Chapter VI-A of IT Act,which are not available..
Can refer the below mentioned link also for clear understanding:

Section 115BAC of Income Tax Act: New Tax Regime Slabs, Deductions and Exemptions

Discover the benefits of Section 115BAC of the Income Tax Act, including revised tax slabs, deductions, and key features of the new tax regime. Explore simplified tax structures and potential savings to make informed financial decisions

cleartax.in

NPS is also allowed in New Regime.

Employers' contributions towards the National Pension Scheme (NPS) have been exempted under the new income tax regime under Section 80CCD(2). However, no such exemption is given to an employee's own contribution to NPS.