Income Tax Rate Chart - FY 2024-25

Financial Year: 2024-25 / Assessment Year: 2025-26

New Tax Regime (Default)

This regime is the default option for all taxpayers unless they choose to opt-out. It offers lower tax rates but fewer deductions and exemptions.

Income Slab Tax Rate (%)
Up to ₹3,00,000 Nil
₹3,00,001 to ₹6,00,000 5%
₹6,00,001 to ₹9,00,000 10%
₹9,00,001 to ₹12,00,000 15%
₹12,00,001 to ₹15,00,000 20%
Above ₹15,00,000 30%

Key Points for New Regime

  • **Standard Deduction**: A standard deduction of ₹50,000 is available for salaried individuals and pensioners.
  • **Rebate**: A tax rebate is available for individuals with a taxable income up to ₹7,00,000.
  • **No major deductions**: Most popular deductions under sections 80C, 80D, HRA, and LTA are not available.

Old Tax Regime

This regime allows taxpayers to claim various deductions and exemptions to reduce their taxable income.

Individuals (Below 60 years) & HUF

Income Slab Tax Rate (%)
Up to ₹2,50,000 Nil
₹2,50,001 to ₹5,00,000 5%
₹5,00,001 to ₹10,00,000 20%
Above ₹10,00,000 30%

Senior Citizens (60 to 80 years)

Income Slab Tax Rate (%)
Up to ₹3,00,000 Nil
₹3,00,001 to ₹5,00,000 5%
₹5,00,001 to ₹10,00,000 20%
Above ₹10,00,000 30%

Super Senior Citizens (Above 80 years)

Income Slab Tax Rate (%)
Up to ₹5,00,000 Nil
₹5,00,001 to ₹10,00,000 20%
Above ₹10,00,000 30%

Key Points for Old Regime

  • **Rebate**: A tax rebate is available for individuals with a taxable income up to ₹5,00,000.
  • **Deductions**: Taxpayers can claim a wide range of deductions and exemptions under various sections like 80C, 80D, HRA, LTA, etc.

Surcharge and Health & Education Cess

Income Slab Surcharge Rate (%)
Up to ₹50 Lakhs Nil
₹50 Lakhs to ₹1 Crore 10%
₹1 Crore to ₹2 Crore 15%
₹2 Crore to ₹5 Crore 25%
Above ₹5 Crore 37%
  • **Health & Education Cess**: A 4% cess is levied on the total income tax and surcharge. This is applicable to both Old and New tax regimes.

Disclaimer

This information is for Financial Year **2024-25** and is intended for general guidance only. Tax laws are complex and subject to change. For personal financial planning and tax filing, it is highly recommended to consult with a certified tax professional.