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
|
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.