Old New Income Tax Slab: Income above a certain limit in a financial year is taxable. The tax amount depends on your income and the income tax slab applicable on it
Income above a certain limit in a financial year is taxable. The tax amount depends on your income and the income tax slab applicable on it. Taxpayers can choose any regime between the new tax slab and the old tax regime. Salaried people can choose either of the two.
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The rules used for income tax calculations for the financial year 2024-25 are the same as last year. The government presented an interim budget in February 2024 due to the Lok Sabha elections in 2024. No changes were made to the income tax laws in the budget. The full budget for the financial year 2024-25 is expected to be presented in July or August 2024 after the new government is formed. Until then, the laws will remain the same.
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(Income tax slab rates for FY 2024-25 (AY 2025-26))
| Old Tax Regime | New tax regime under section 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 2,50,000 | Zero | Up to ₹ 3,00,000 | Zero |
| ₹ 2,50,001 – ₹ 5,00,000 | 5% above ₹2,50,000 | ₹ 3,00,001 – ₹ 6,00,000 | Above ₹3,00,000 5% |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹12,500 + 20% above ₹5,00,000 | ₹ 6,00,001 – ₹ 9,00,000 | ₹15,000 + 10% 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 | ||
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