Income Tax Slabs for the Assessment Year (A.Y.) 2024-25

Income Tax Slabs for the Assessment Year (A.Y.) 2024-25

The Income Tax Slabs for the Assessment Year (A.Y.) 2024-25 in India will be based on the Budget presented for the Financial Year 2024-25. The tax slabs can differ for individuals based on their age (below 60 years, between 60 and 80 years, and above 80 years) and the choice between the old tax regime (with exemptions and deductions) and the new tax regime (without exemptions and deductions but at reduced tax rates).

Here’s a breakdown of the tax slabs under both regimes:

### 1. Old Tax Regime (with deductions and exemptions)

For individuals below 60 years of age:

| Income Range (INR) | Tax Rate |

|---------------------|-------------|

| Up to ₹2.5 lakh | Nil |

| ₹2.5 lakh to ₹5 lakh | 5% |

| ₹5 lakh to ₹10 lakh | 20% |

| Above ₹10 lakh | 30% |

For individuals between 60 and 80 years of age (Senior Citizens):

| Income Range (INR) | Tax Rate |

|---------------------|-------------|

| Up to ₹3 lakh | Nil |

| ₹3 lakh to ₹5 lakh | 5% |

| ₹5 lakh to ₹10 lakh | 20% |

| Above ₹10 lakh | 30% |

For individuals above 80 years of age (Super Senior Citizens):

| Income Range (INR) | Tax Rate |

|---------------------|-------------|

| Up to ₹5 lakh | Nil |

| ₹5 lakh to ₹10 lakh | 20% |

| Above ₹10 lakh | 30% |

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### 2. New Tax Regime (without deductions/exemptions)

Under the new tax regime, individuals can opt for reduced tax rates but without claiming most exemptions and deductions, like those under Section 80C, 80D, etc.

For individuals below 60 years of age:

| Income Range (INR) | Tax Rate |

|---------------------|-------------|

| Up to ₹3 lakh | Nil |

| ₹3 lakh to ₹6 lakh | 5% |

| ₹6 lakh to ₹9 lakh | 10% |

| ₹9 lakh to ₹12 lakh | 15% |

| ₹12 lakh to ₹15 lakh | 20% |

| Above ₹15 lakh | 30% |

For individuals between 60 and 80 years of age (Senior Citizens):

| Income Range (INR) | Tax Rate |

|---------------------|-------------|

| Up to ₹3 lakh | Nil |

| ₹3 lakh to ₹6 lakh | 5% |

| ₹6 lakh to ₹9 lakh | 10% |

| ₹9 lakh to ₹12 lakh | 15% |

| ₹12 lakh to ₹15 lakh | 20% |

| Above ₹15 lakh | 30% |

For individuals above 80 years of age (Super Senior Citizens):

| Income Range (INR) | Tax Rate |

|---------------------|-------------|

| Up to ₹5 lakh | Nil |

| ₹5 lakh to ₹10 lakh | 20% |

| Above ₹10 lakh | 30% |

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### Additional Notes for Both Regimes:

1. Rebate under Section 87A:

- A rebate of up to ₹12,500 is available for individuals with total income up to ₹5 lakh, reducing the tax liability to zero in case their total income falls within this limit.

2. Surcharge and Cess:

- Surcharge: Additional surcharge is applicable for income above ₹50 lakh. The surcharge rate is 10% for income between ₹50 lakh to ₹1 crore, 15% for income between ₹1 crore to ₹2 crore, and 25% for income above ₹2 crore.

- Health and Education Cess: 4% on the total tax (including surcharge).

3. Standard Deduction:

- Under the old regime, a standard deduction of ₹50,000 is available to salaried or pensioned individuals.

4. Choosing Between Regimes:

- You can choose between the old and new tax regimes at the time of filing your return. However, once the choice is made, it cannot be changed in subsequent years (for salaried individuals, this choice can be made every financial year).

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Please note that these rates are for individuals, and different slabs and rates may apply for companies, Hindu Undivided Families (HUFs), or other categories of taxpayers. Always check the latest Finance Act or consult a tax professional for any updates.