Taxable Income Slabs for FY 2024-25: New & Old Tax Regime

The taxable income slabs divide the taxpayers into different categories and assign them different tax rates. These categories depend on the age of the taxpayers, as mentioned below:

• Individuals under 60 years and all the non-residents 
• Resident senior citizens, which includes taxpayers over 60 years to up to 80 years
• Resident super senior citizens consisting of taxpayers over 80 years of age

These slabs also vary depending on the regime you opt for. By knowing these slabs and the applicable rates, you can plan your finances and taxes accordingly. 

Read on to know the tax slabs for income tax under the old and new regimes, tax rates and more. 

Tax Slabs for FY 2024-25

You can opt for the old regime or the new regime based on your income and investments. As per the Union Budget 2024, the government announced the revised taxable income slabs for the new tax regime. The rates for the old and new tax slab of income tax are as follows. 

Tax Rates for the Old Tax Regime 

The traditional system for tax filing allows for various deductions and exemptions. Check out the tax structure and applicable rates under the old tax regime below-

Income Slabs	Rates for Taxpayers up to 60 Years & NRIs	Rates for Taxpayers over 60 Years and up to 80 Years	Rates for Taxpayers Above 80 Years
Up to ₹2.5 lakhs	Nil	Nil	Nil
Between ₹2.5 lakhs and ₹3 lakhs	5%	Nil	Nil
Above ₹3 lakhs and less than ₹5 lakhs	5%	5%	Nil
Between ₹5 lakhs and ₹10 lakhs	20%	20%	20%
₹10 lakhs and above	30%	30%	30%

Also Read: Calculation Of Tax

For taxpayers with income exceeding a certain threshold, other tax rates known as surcharges will also apply under the old tax regime. The applicable rates are as follows-

Range of Income	Surcharge rate
Up to ₹50 lakhs	Zero
Between ₹50 lakhs and ₹1 crore	10%
Between ₹1 crore and ₹2 crores	15%
Between ₹2 crores and ₹5 crores	25%
Above ₹5 crores	37%

Tax Rates for the New Tax Regime 

The Union Budget 2024-25 proposed a revision of tax rates under the new taxation system. Check out the revised tax structure and slab rates below-

Income Slabs	Rate for All Taxpayers
Up to ₹3 lakhs	Nil
Between ₹3 lakhs and ₹7 lakhs	5%
Between ₹7 lakhs and ₹10 lakhs	10%
Between ₹10 lakhs and ₹12 lakhs	15%
Between ₹12 lakhs and ₹15 lakhs	20%
₹15 lakhs and above	30%

The following are the surcharge rates applicable under the New Tax Regime-

Income Slab	Tax Rates
Above ₹50 lakhs and less than ₹1 crore	10% of the net income
Above ₹1 crore and below ₹2 crores	15% of the net income
₹2 crores and above	25% of the net income

Who Can Opt for the Old and New Tax Regime? 

The slab of income tax in India also depends on the nature of your income. Here’s how taxpayers can choose between the old and new tax regimes. 

Nature of Income	Regime Applicable
Salary Income or Any Other Income Attracting TDS	Employees have the option to choose the regime at the beginning of the financial yearIf they don’t have a preference, the new regime appliesTaxpayers cannot change the regime in the middle of the financial yearThey have the option to shift to the old regime at the beginning of the next financial year
Income from Business and Profession	Taxpayers with business or professional income can only choose the regime once

Knowing these tax slabs and rates helps you choose the right regime and optimise your tax payable to save more. You can invest in tax-saving avenues and make the most of deductions available under various sections in both regimes. 

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FAQs on Income Tax Slabs

What is the new income tax slab for FY 2024-25?

As per the Union Budget 2024, you are not liable to pay tax under the old tax regime if your net annual income is below ₹2.5 lakhs. It is extended to ₹3 lakhs in case of individuals between 60 – 80 years and to ₹5 lakhs for individuals above 80 years. The basic exemption limit from taxation under the new tax regime is ₹3 lakhs. 

Here are the tax slabs and rates for both regimes:

Old Tax Regime		New Tax Regime
Tax Slab	Tax Rate	Tax Slab	Tax Rate
Up to ₹2.5 lakhs	Nil	Up to ₹3 lakhs	Nil
Between ₹2.5 lakhs and ₹3 lakhs	5%	Between ₹3 lakhs and ₹7 lakhs	5%
Above ₹3 lakhs and less than ₹5 lakhs	5%	Between ₹7 lakhs and ₹10 lakhs	10%
Between ₹5 lakhs and ₹10 lakhs	20%	Between ₹10 lakhs and ₹12 lakhs	15%
₹10 lakhs and above	30%	Between ₹12 lakhs and ₹15 lakhs	20%
		₹15 lakhs and above	30%

Is filing income tax returns compulsory?

Yes, all individuals above 18 years with taxable income must file their returns and pay taxes, if applicable. 

Is there any standard deduction for FY 2024-25?

All individuals can claim standard deductions up to ₹50,000 under the old regime and ₹75,000 under the new tax regime for FY 2024-25.