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Income Tax Slabs rates for FY 2023-24 (AY 2024-25)
New V/S Old Tax Regime
There are two types of Tax Regime New Tax Regime & Old Tax Regime. The income tax slabs are different under both 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: Resident Senior citizens
- More than 80 years: Resident Super senior citizens
Whereas under New Tax Regime only one slab exists besides any age group.
Let us take a look at all the slab rates applicable for FY 2023-24(AY 2024-25).
Old Tax Regime: Income Tax Slabs for Individuals and HUF for A.Y 2024-25 (F.Y 2023-24)
| Tax Slabs | Age Less than 60 years & for Non Resident | Age 60 years to 80 years (Resident) | Age More than 80 years (Resident) |
| Up to Rs. 2,50,000 | Nil | Nil | Nil |
| Rs. 2,50,001 to Rs. 3,00,000 | 5% (Tax rebate u/s 87A) | Nil | Nil |
| Rs. 3,00,001 to Rs. 5,00,000 | 5% (Tax rebate u/s 87A) | 5% (Tax rebate u/s 87A) | Nil |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
New Tax Regime
The new tax regime has common tax rates for every individual and HUF taxpayer, unlike the old regime which differentiates taxpayers on the basis of their age.
| Tax Slabs | Income Tax Rates |
| Up to Rs. 3,00,000 | Nil |
| Rs. 3,00,001 - Rs.6,00,000 | 5% (tax rebate under section 87A) |
| Rs. 6,00,001 - Rs. 9,00,000 | 10% (tax rebate under section 87A below Rs. 7 lakh) |
| Rs.9,00,001 - Rs.12,00,000 | 15% |
| Rs. 12,00,001 - Rs.15,00,000 | 20% |
| Above Rs. 15,00,000 | 30% |
Surcharge rate for FY 23-24 (AY 2024-25)
| Income range |
Surcharge rate (New Regime) |
Surcharge rate (Old Regime) |
| Up to Rs 50 lakh | Nil | Nil |
| More than Rs 50 lakh but up to Rs 1 crore | 10% | 10% |
| More than Rs 1 crore but up to Rs 2 crore | 15% | 15% |
| More than Rs 2 crore but up to Rs 5 crore | - | 25% |
| More than Rs 2 crore | 25% | - |
| More than Rs 5 crore | - |
37% |
NOTE:
- Health and Educational cess of 4% tax will be applicable on the sum of income tax liability and surcharges of all cases.
- A standard deduction is a flat deduction of ₹ 50,000 to individuals earning a salary or pension income under the head "Salaries", irrespective of expenses or investments by the individuals. From FY 2023-2024, this deduction can be claimed under both regimes.
- Individuals with a net taxable income of up to ₹ 7 lakh will be eligible for tax rebate u/s 87A under the new tax regime. The rebate limit remains at ₹ 5 lakh for individuals who choose to pay tax under the old regime.
Disclaimer: Although all provisions, notifications and updates, are analyzed in-depth by our team before writing to the public. Any change in detail or information other than fact must be considered a human error. The Guide, Articles, Blogs, FAQ and videos is to provide updated information. Tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither TaxSmooth nor any of its Team members is liable for any consequence that arises on the basis of these write-ups.
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