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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% |
Note : Rebate u/s 87A was introduced by the Government of India in the year 2013-14. 87A rebate offers benefits from your tax liability. Rebate under section 87A can be claimed when your taxable income does not exceed the prespecified limit for the given financial year. F.Y 2023-24 this limit is Rs. 7 lakh under the new tax regime and Rs. 5 lakh for individuals who choose to pay tax under the old tax regime. This limit is Rs. 5 lac under both the tax regime before F.Y 2023-24.
Surcharge rate for FY 23-24 (AY 2024-25)
Surcharge is an additional tax imposed on the income tax liability of certain taxpayers. It is usually levied on individuals, Hindu Undivided Families (HUFs), firms, and companies whose taxable income exceeds specified thresholds these limits are as follows :
| 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% | 25% |
| More than Rs 5 crore | 25% |
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.
- A new tax regime was introduced in Budget 2020 wherein the tax slabs were altered, and taxpayers were offered concessional tax rates. However, those who opt for the new regime cannot claim several exemptions and deductions, such as HRA, LTA, 80C, 80D , and more except Sec 80ccd(2).
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