back
Tax Information
Every year with Government budget, the most common expectation an Indian citizen has is of ‘change for better’ in the Income tax slab. So to plan your investment strategy and understand how much tax liability you will incur this year let’s have a look at the tax structure for different categories. These categories are created by the Government of India for taxation purposes, and they are based on Gender and Age.
  • 2024-25
  • 2023-24
  • 2022-2023
  • 2021-2022
Tax rates for Individual (resident or non-resident) less than 60 years of age anytime during the previous year are as under:

Old Tax Regime

New Tax Regime u/s 115BAC

Income Tax Slab

Income Tax Rate

Income Tax Slab

Income Tax Rate

Up to ₹ 2,50,000    

Nil

Up to ₹ 3,00,000

Nil

₹ 2,50,001 - ₹ 5,00,000    

5% above ₹ 2,50,000

₹ 3,00,001 - ₹ 6,00,000

5% above ₹ 3,00,000

₹ 5,00,001 - ₹ 10,00,000

₹ 12,500 + 20% above ₹ 5,00,000

₹ 6,00,001 - ₹ 9,00,000

₹ 15,000 + 10% above ₹ 6,00,000

Above ₹ 10,00,000 

₹ 1,12,500 + 30% above ₹ 10,00,000

₹ 9,00,001 - ₹ 12,00,000

₹ 45,000 + 15% above ₹ 9,00,000

 

 

₹ 12,00,001 - ₹ 15,00,000

₹ 90,000 + 20% above ₹ 12,00,000

 

 

Above ₹ 15,00,000

₹ 1,50,000 + 30% above ₹ 15,00,000

Tax rates for Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year are as under:

Old Tax Regime

New Tax Regime u/s 115BAC

Income Tax Slab

Income Tax Rate

Income Tax Slab

Income Tax Rate

Up to ₹ 3,00,000

Nil

Up to ₹ 3,00,000

Nil

₹ 3,00,001 - ₹ 5,00,000

5% above ₹ 3,00,000

₹ 3,00,001 - ₹ 6,00,000

5% above ₹ 3,00,000

₹ 5,00,001 - ₹ 10,00,000

₹ 10,000 + 20% above ₹ 5,00,000

₹ 6,00,001 - ₹ 9,00,000

₹ 15,000 + 10% above ₹ 6,00,000

Above ₹ 10,00,000

₹ 1,10,000 + 30% above ₹ 10,00,000

₹ 9,00,001 - ₹ 12,00,000

₹ 45,000 + 15% above ₹ 9,00,000

 

 

₹ 12,00,001 - ₹ 15,00,000

₹ 90,000 + 20% above ₹ 12,00,000

Tax rates for Individual (resident or non-resident) 80 years of age or more anytime during the previous year are as under:

Old Tax Regime

New Tax Regime u/s 115BAC

Income Tax Slab

Income Tax Rate

Income Tax Slab

Income Tax Rate

Up to ₹ 5,00,000  

Nil

Up to ₹ 3,00,000

Nil

₹ 5,00,001 - ₹ 10,00,000

20% above ₹ 5,00,000

₹ 3,00,001 - ₹ 6,00,000

5% above ₹ 3,00,000

Above ₹ 10,00,000 

₹ 1,00,000 + 30% above ₹ 10,00,000

₹ 6,00,001 - ₹ 9,00,000

₹ 15,000 + 10% above ₹ 6,00,000

 

 

₹ 9,00,001 - ₹ 12,00,000

₹ 45,000 + 15% above ₹ 9,00,000

 

 

₹ 12,00,001 - ₹ 15,00,000

₹ 90,000 + 20% above ₹ 12,00,000

 

 

Above ₹ 15,00,000

₹ 1,50,000 + 30% above ₹ 15,00,000

Income Tax Slab Rates For FY 2023-24/AY 2024-25
Old Regime
Slabs Individuals (Age <60 Years) Resident Senior Citizens (>60 but <80 Years) Resident Super Senior Citizens (80 Years and above)
Up to Rs. 2,50,000 Nill Nill Nill
Rs 2,50,001 to Rs 3,00,000 5% Nill Nill
Rs 3,00,001 to Rs 5,00,000 5% 5% Nill
Rs 5,00,001 to Rs 10,00,000 20% 20% 20%
Above Rs 10,00,000 30% 30% 30%
New Regime
Slabs Income Tax Rates
Up to Rs 3,00,000 Nill
Rs 3,00,001 to Rs 6,00,000 5% (Tax Rebate u/s 87A)
Rs 6,00,001 to Rs 9,00,000 10% (Tax Rebate u/s 87A up to Rs 7 Lakh
Rs 9,00,000 to Rs 12,00,000 15%
Rs 12,00,001 to Rs 1500,000 20%
Above Rs 15,00,000 30%
Tax Slabs for Individuals below 60 years for AY 24-25 / FY 23-24
Existing Tax Regime New Tax Regime u/s 115BAC
Income Tax Slab Income Tax Rate Income Tax Slab Income Tax Rate
Up to ₹2,50,000 Nil ₹0 - ₹3,00,000 Nil
₹2,50,001 - ₹5,00,000 5% above ₹2,50,000 ₹3,00,001 - ₹6,00,000 5%
₹5,00,001 - ₹10,00,000 ₹12,500 + 20% above ₹5,00,000 ₹6,00,001 - ₹9,00,000 ₹15,000 + 10% of total income exceeding ₹6,00,000
Above ₹10,00,000 ₹1,12,500 + 30% above ₹10,00,000 ₹9,00,001 - ₹12,00,000 ₹45,000 + 15% of total income exceeding ₹9,00,000
    ₹12,00,001 - ₹15,00,000 ₹90,000 + 20% of total income exceeding ₹10,00,000
    Above ₹15,00,000 ₹150,000 + 30% of total income exceeding ₹15,00,000
Tax Slabs for Senior Citizens (60 to 80 Years) for AY 24-25/ FY 23-24
Old Tax Regime New Tax Regime u/s 115BAC
Income Tax Slab Income Tax Rate Income Tax Slab Income Tax Rate
Up to ₹3,00,000 Nil ₹0 - ₹3,00,000 Nil
₹3,00,001 - ₹5,00,000 5% above ₹3,00,000 ₹3,00,001 - ₹6,00,000 5%
₹5,00,001 - ₹10,00,000 ₹10,000 + 20% above ₹5,00,000 ₹6,00,001 - ₹9,00,000 ₹15,000 + 10% of total income exceeding ₹6,00,000
Above ₹10,00,000 ₹1,10,000 + 30% above ₹10,00,000 ₹9,00,001 - ₹12,00,000 ₹45,000 + 15% of total income exceeding ₹9,00,000
    ₹12,00,001 - ₹15,00,000 ₹90,000 + 20% of total income exceeding ₹10,00,000
    Above ₹15,00,000 ₹150,000 + 30% of total income exceeding ₹15,00,000
Income Tax Slabs 2021 - 2022 for Individuals & HUF below 60 Years of Age

Taxable income

Tax Rate
(Existing Scheme)

Tax Rate
(New Scheme)

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,001 to Rs. 5,00,000

5%

5%

Rs. 5,00,001 to Rs. 7,50,000

20%

10%

Rs. 7,50,001 to Rs. 10,00,000

20%

15%

Rs. 10,00,001 to Rs. 12,50,000

30%

20%

Rs. 12,50,001 to Rs. 15,00,000

30%

25%

Above Rs. 15,00,000

30%

30%

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A
Income Tax Slabs 2021 – 2022 for Senior Citizens (Aged 60 Years but Less than 80 Years)

Taxable income

Tax Rate
(Existing Scheme)

Tax Rate
(New Scheme)

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,001 to Rs. 3,00,000

Nil

5%

Rs. 3,00,001 to Rs. 5,00,000

5%

5%

Rs. 5,00,001 to Rs. 7,50,000

20%

10%

Rs. 7,50,001 to Rs. 10,00,000

20%

15%

Rs. 10,00,001 to Rs. 12,50,000

30%

20%

Rs. 12,50,001 to Rs. 15,00,000

30%

25%

Above Rs. 15,00,000

30%

30%

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A
Income Tax Slabs 2021 – 2022 for Super Senior Citizens (Above 80 Years)

Taxable income

Tax Rate
(Existing Scheme)

Tax Rate
(New Scheme)

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,001 to Rs. 5,00,000

Nil

5%

Rs. 5,00,001 to Rs. 7,50,000

20%

10%

Rs. 7,50,001 to Rs. 10,00,000

20%

15%

Rs. 10,00,001 to Rs. 12,50,000

30%

20%

Rs. 12,50,001 to Rs. 15,00,000

30%

25%

Above Rs. 15,00,000

30%

30%

*Surcharge to be levied for F.Y. 2021 - 22

Taxable Income

Surcharge (%)

Total income above Rs.50 Lakh but below Rs. 1 Crore

10%

Total income above Rs.1 Crore but below :

Rs. 2 Crore

15%

Total income above Rs.2 Crore but below 5 Crore

25%

Total income above Rs.5 Crore

37%

For Non-Resident Individuals (NRI), the basic exemption limit is of Rs. 2.5 lakh in a financial year irrespective of their age.
Note: Surcharge and cess shall be continued to be levied at the existing rates.