New Tax Regime: Income Tax Slab For All Individuals FY 2024-25 (Default)
The Union Budget 2023 has made the new tax regime a default one, with the option to choose the old one. Individual taxpayers (irrespective of their age) earning an annual income of up to INR 3 lakh are exempt from paying taxes under the new tax regime. Currently, taxpayers earning up to INR 7 lakh per annum are entitled to a rebate of up to INR 25,000 under Section 87A of the Income-Tax Act.
| For All Individuals, Irrespective of Age | |
|---|---|
| NET ANNUAL INCOME RANGE | NEW REGIME TAX RATE |
| Up to INR 3 lakh | Nil |
| Above INR 3 lakh up to INR 6 lakh | 5% |
| Above INR 6 lakh up to INR 9 lakh | 10% |
| Above INR 9 lakh up to INR 12 lakh | 15% |
| Above INR 12 lakh up to INR 15 lakh | 20% |
| Above INR 15 lakh | 30% |
Old Tax Regime: Income Tax Slab For Individuals FY 2024-25
Individual taxpayers (below 60 years) earning an annual income of up to INR 2.5 lakh are exempt from paying taxes under the old tax regime. Currently, taxpayers earning up to INR 5 lakh per annum are entitled to a rebate of up to INR 12,500 under Section 87A of the Income-Tax Act.
| Individual (Below 60 years) | |
|---|---|
| NET ANNUAL INCOME RANGE | OLD REGIME TAX RATE |
| Up to INR 2.5 lakh | Nil |
| Above INR 2.5 lakh up to INR 5 lakh | 5% (tax rebate u/s 87A is available) |
| Above INR 5 lakh up to INR 10 lakh | 20% |
| Above INR 10 lakh | 30% |
| Rebate: Individuals earning up to INR 5 lakh annually under the old tax regime are entitled to a rebate of up to INR 12,500. | |
Old Tax Regime: Income Tax Slab For Senior Citizens FY 2024-25
Senior citizens (60 to 80 years) earning an annual income up to INR 3 lakh are exempted from paying tax under the old tax regime.
| SENIOR CITIZENS (Above 60 to 80 years) | |
|---|---|
| NET INCOME RANGE | OLD REGIME TAX RATE |
| Up to INR 3 lakh | Nil |
| Above INR 3 lakh up to INR 5 lakh | 5% |
| Above INR 5 lakh up to INR 10 lakh | 20% |
| Above INR 10 lakh | 30% |
Old Tax Regime: Income Tax Slab For Super Senior Citizens FY 2024-25
Super senior citizens (80 years and above) earning an annual income up to INR 5 lakh are exempted from paying tax under the old tax regime.
| SENIOR CITIZENS (80 years and above) | |
|---|---|
| NET INCOME RANGE | NEW REGIME TAX RATE |
| Up to INR 5 lakh | Nil |
| Above INR 5 lakh up to INR 10 lakh | 20% |
| Above INR 10 lakh | 30% |
Surcharge Rate: Old Tax Regime Vs. New Tax Regime FY 2024-25
The Government of India levies additional charges on individual taxpayers (irrespective of age) whose annual income exceeds INR 50 lakh. The highest surcharge limit for individuals earning above INR 5 crore under the new tax regime is 25% and 37% under the old tax regime.
| NET ANNUAL INCOME RANGENEW REGIME TAX RATEOLD REGIME TAX RATE | ||
|---|---|---|
| Above INR 5o lakh up to INR 1 crore | 10% | 10% |
| Above INR 1 crore up to INR 2 crore | 15% | 15% |
| Above INR 2 crore up to INR 5 crore | 25% | 25% |
| Above INR 5 crore | 25% | 37% |