The income tax slabs are different under the old and the new tax regimes. Further, the slab rates under the old tax regime are divided into three categories
- Indian Residents aged < 60 years + All the non-residents
- 60 to 80 years of age: Resident Senior citizens
- More than 80 years: Resident Super senior citizens
What Is Income Tax Slab?
In India, the Income Tax applies to individuals based on a slab system, where different tax rates are assigned to different income ranges. As the person’s income increases, the tax rates also increase. This type of taxation allows for a fair and progressive tax system in the country. The income tax slabs are revised periodically, typically during each budget. These slab rates vary for different groups of taxpayers. Let us take a look at all the slab rates applicable for FY 2022-23 (AY 2023-24) and FY 2023-24(AY 2024-25).
Income Tax Slab Rates For FY 2022-23 (AY 2023-24)
a. New Tax regime
| Income Slabs | Income Tax Rates |
| ₹0 – ₹2,50,000 | – |
| ₹2,50,000 – ₹5,00,000 | 5% (tax rebate u/s 87A is available) |
| ₹5,00,000 – ₹7,50,000 | 10% |
| ₹7,50,000 – ₹10,00,000 | 15% |
| ₹10,00,000 – ₹12,50,000 | 20% |
| ₹12,50,000 – ₹15,00,000 | 25% |
| >₹15,00,000 | 30% |
Refer to the above image for the rates applicable to FY 2023-24 (AY 2024-25) for the upcoming tax filing season.
b. Old Tax regime
Select your Age Group: Less Than 60 Years Old 60-80 years Above 80 years
Income tax slabs for individual aged below 60 years & HUF
| Income SlabsIndividuals Below The Age Of 60 Years and NRIs | |
|---|---|
| Up to Rs 2.5 lakh | NIL |
| Rs 2.5 lakh – Rs 5 lakh | 5% |
| Rs 5 lakh – Rs 10 lakh | 20% |
| > Rs 10 lakh | 30% |
NOTE:
- Income tax exemption limit is up to Rs 2,50,000 for Individuals, HUF below 60 years aged and NRIs.
- Surcharge and cess will be applicable as discussed above
Income tax slab for individual aged above 60 years to 80 years
| Income SlabsTax Slabs for Senior Citizens (Aged 60 Years But Less Than 80 Years) | |
|---|---|
| Rs 0 – Rs 3 lakh | NIL |
| Rs 3 lakh – Rs 5 lakh | 5% |
| Rs 5 lakh – Rs 10 lakh | 20% |
| > Rs 10 | 30% |
NOTE:
- Income tax exemption limit is up to Rs.3 lakh for senior citizens aged above 60 years but less than 80 years.
- Surcharge and cess will be applicable as discussed above
Income tax slab for Individual aged more than 80 years
| Income SlabsIncome Tax Slab for Super Senior Citizens (Aged 80 Years And Above) | |
|---|---|
| Rs 0 – Rs 5 lakh* | NIL |
| Rs 5 lakh – Rs 10 lakh | 20% |
| > Rs 10 lakh | 30% |
NOTE:
- Income tax exemption limit is up to Rs 5 lakh for super senior citizen aged above 80 years.
- Surcharge and cess will be applicable as discussed above