Income Tax Slab for FY 2024-25 & AY 2025-26 (New & Old Regime Tax Rates)
The income tax is a direct tax which follows a progressive slab rate, where the rate of tax
increases as the taxpayer's income rises. The Income-tax Act, 1961 provides for two tax regimes:
the old regime, which allows various deductions and exemptions, and the new regime, which offers
lower tax rates without exemptions.
Budget 2025 Updates
The new Income Tax Bill has been tabled by the Honorable Finance Minister in the Lok Sabha. It
aims to simplification and better presentation of the provisions.
As per the budget 2025, the income up to ₹ 12,00,000 will have zero tax liability for the FY
2025-26 (AY 2026-27) under the new tax regime. Here's how:
The revised tax slabs under the new regime for FY 2025-26 (AY 2026-27) are as follows:
Annual Income Tax Slabs |
Income Tax Rates |
Upto Rs 4,00,000 |
NIL |
Rs 4,00,001 - Rs 8,00,000 |
5% |
Rs 8,00,001 - Rs 12,00,000 |
10% |
Rs 12,00,001 - Rs 16,00,000 |
15% |
Rs 16,00,001 - Rs 20,00,000 |
20% |
Rs 20,00,001 - Rs 24,00,000 |
25% |
Above Rs 24,00,000 |
30% |
Income Tax Slabs for FY 2024-25 (AY 2025-26) Under Old Regime
There were no changes made to the tax slabs under the old regime in the budget 2024. The tax slabs under the old regime are as follows:
Income tax slabs for individuals aged below 60 years & HUF
Income Slabs |
Age < 60 years & NRIs |
Age of 60 Years to 80 years (Resident Individuals) |
Age above 80 Years (Resident Individuals) |
Up to Rs 2,50,000 |
NIL |
NIL |
NIL |
Rs 2,50,001 - Rs 3,00,000 |
5% |
NIL |
NIL |
Rs 3,00,001 - Rs 5,00,000 |
5% |
5% |
NIL |
Rs 5,00,001 -Rs 10,00,000 |
20% |
20% |
20% |
Rs 10,00,001 and above |
20% |
20% |
20% |
In case the income exceeds a certain threshold, the additional taxes are to be paid over and above existing tax rates. This is an additional tax on the High Income Earners.
Surcharge rates are as below:
10% of Income tax if total income > Rs 50 lakh and < Rs 1 crore, |
15% of Income tax if total income > Rs 1 crore and < Rs 2 crore, |
25% of Income tax if total income > Rs 2 crore and < Rs 5 crore, |
Income Tax Slabs 2023– 2024
Old Regime
|
Income Tax Slab
|
Individuals
(Age < 60 years)
|
Resident Senior Citizens
(60 but <80 years)
|
Resident Super Senior Citizens
(80 years and above)
|
|
Up to Rs. 2,50,000
|
Nil
|
Nil
|
Nil
|
|
Rs. 2,50,001 to Rs. 3,00,000
|
5%
|
Nil
|
Nil
|
|
Rs 3,00,001 to Rs 5.00,000
|
5%
|
5%
|
Nil
|
|
Rs 5,00.001 to Rs 10,00,000
|
20%
|
20%
|
20%
|
|
Above Rs 10,00,000
|
30%
|
30%
|
30%
|
New Regime
|
Slabs
|
Income Tax Rates
|
|
Up to Rs 3,00.000
|
Nil
|
|
Rs 3,00.001 to Rs 6.00,000
|
5% (Tax rebate Ws 87A)
|
|
Rs 6,00.001 to Rs 900,000
|
10% (Tax rebate u/s 87A up to Rs 7 lakh)
|
|
Rs 9,00,001 to Rs 12,00,000
|
15%
|
|
Rs 12,00,001 to Rs 1500,000
|
20%
|
|
Above Rs 15,00,000
|
30%
|
*Surcharge is levied on the amount of income-tax at following rates if total
income of an assessee exceeds specified limits:-
|
Range of Income
|
Rs. 50 Lakhs to Rs. 1 Crore
|
Rs. 1 Crore to Rs. 2 Crore
|
Rs. 2 Crore to Rs. 5 Crore
|
Exceeding Rs. 5 Crore
|
|
Surcharge Rate
|
10%
|
15%
|
25%
|
37%
|
Income Tax Slabs 2022– 2023 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 2022 – 2023 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 2022 – 2023 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. 2022 - 23
|
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%
|
A cess at the rate of 4 per cent is added on the income tax amount. Further,
surcharge is levied at different income tax rates if the total income exceeds Rs. 50 lakh in a
financial year.
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.
Income Tax Slabs 2020-2021 for Individuals & HUF below 60 years of age
|
Net income range
|
Income-Tax rate
|
|
Up to Rs. 2,50,000
|
Nil
|
|
Rs. 2,50,001- Rs. 5,00,000
|
5%
|
|
Rs. 5,00,001- Rs. 10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
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 2020-2021 for Senior Citizens (Aged 60 years but less than 80
years)
|
Net income range
|
Income-Tax rate
|
|
Up to Rs. 3,00,000
|
Nil
|
|
Rs. 3,00,001 – Rs. 5,00,000
|
5%
|
|
Rs. 5,00,001- Rs. 10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
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 2020-2021 for Super Senior Citizens (Above 80 years)
|
Net income range
|
Income-Tax rate
|
|
Up to Rs. 5,00,000
|
Nil
|
|
Rs. 5,00,001- Rs. 10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
*Rebate of Rs 12,500 will be available for taxpayers with taxable income up
to Rs 5 lakh available under Section 87A
Tax rates if the Assesse has opted for section 115BAC [Applicable in case of
all Individuals & HUF]
|
Total Income
|
Rate of tax
|
|
Up to Rs. 2,50,000
|
Nil
|
|
From Rs. 2,50,001 to Rs. 5,00,000
|
5%
|
|
From Rs. 5,00,001 to Rs. 7,50,000
|
10%
|
|
From Rs. 7,50,001 to Rs. 10,00,000
|
15%
|
|
From Rs. 10,00,001 to Rs. 12,50,000
|
20%
|
|
From Rs. 12,50,001 to Rs. 15,00,000
|
25%
|
|
Above Rs. 15,00,000
|
30%
|
Plus: -
Surcharge: - 10% of income tax where total income exceeds Rs. 50,00,000.
15% of income tax where total income exceeds Rs. 1,00,00,000.
25% of income tax where total income exceeds Rs. 2,00,00,000.
37% of income tax where total income exceeds Rs. 5,00,00,000.
Note: Enhanced surcharged levied at the rates of 25%/37% shall not be levied in case of
income accessable under sections 111A / 112A or 115AD. Hence, the maximum rate of surcharge on
tax payable on such incomes shall be 15%.
Income tax slabs 2019-2020 for Individuals & HUF below 60 years of age
| Taxable income slabs |
Tax and Cess |
Change In Amount |
| Income tax rates and cess |
Educational cess |
Post Budget Tax Liability |
Increase in TAX due to cess |
| Up to Rs 2.5 lakhs |
Nil |
Nil |
- |
- |
| Rs 2,50,001 to Rs 5,00,000 |
5% of (Total income minus Rs 2,50,000) + 4% cess |
2% of Income Tax |
13000 |
125 |
| Rs 5,00,001 to Rs 10,00,000 |
Rs 12,500 + 20% of (Total income
minus Rs 5,00,000) + 4% cess |
2% of Income Tax |
1,17,000 |
1125 |
| Rs 10,00,001 and above |
Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000)
+ 4% cess |
2% of Income Tax |
2,73,000 |
2625 |
*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 2019-2020 for Senior citizens (Aged 60 years but less than 80
years)
| Taxable income slabs |
Tax and Cess |
Change In Amount |
| Income tax rates and cess |
Educational cess |
Post Budget Tax Liability |
Increase in TAX due to cess |
| Up to Rs 3 lakhs |
Nil |
Nil |
- |
- |
| Rs 3,00,001 to Rs 5,00,000 |
5% of (Total income minus Rs 3,00,000) + 4% cess |
2% of Income Tax |
10400 |
100 |
| Rs 5,00,001 to Rs 10,00,000 |
Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess |
2% of Income Tax |
1,14,400 |
1100 |
| Rs 10,00,001 and above |
Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
2% of Income Tax |
2,70,400 |
2600 |
*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 2019-2020 for Super Senior citizens (Above 80 Years)
| Taxable income slabs |
Tax and Cess |
Change In Amount |
| Income tax rates and cess |
Educational cess |
Post Budget Tax Liability |
Increase in TAX due to cess |
| Up to Rs 5 lakhs |
Nil |
Nil |
- |
- |
| Rs 5,00,001 to Rs 10,00,000 |
20% of (Total income minus Rs 5,00,000) + 4% cess |
2% of Income Tax |
1,04,000 |
1000 |
| Rs 10,00,001 and above |
Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess
|
2% of Income Tax |
2,60,000 |
2500 |
| Surcharges to be levied for FY 2019-20:
|
| Taxable Income |
Surcharge (%) |
| Income above Rs 50 lakh but below Rs 1 crore |
10 |
| Income above Rs 1 crore but below Rs 2 crore |
15 |
| Income above Rs 2 crore but below 5 crore |
25 |
| 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.
A resident individual can also avail rebate under Section 87(A) whose net income is equal to or
less than Rs 3.5 lakh. The amount of rebate under this section is 100% of the income tax or Rs
2,500 whichever is less. It is deductible before calculating the cess.
| What changed for Super HNIs? |
| Income Between 2 Crore and 5 Crore |
| |
Existing |
Proposed |
| Total Income
| 3,00,00,000
| 3,00,00,000
|
| Deduction Claimed |
-6,00,000 |
-6,00,000 |
| New Taxable Income |
2,94,00,000 |
2,94,00,000 |
| Tax on this |
86,32,500 |
86,32,500 |
| Surcharge |
12,94,875 |
21,58,125 |
| Cess |
3,97,095 |
4,31,625 |
| Total Tax |
1.03 Crore |
1.12 Crore |
| Higher By
| 8.98 Lakh Per Year
|
| 74,815 Per Year
|
| Income Above 5 Crore |
| |
Existing |
Proposed |
| Total Income
| 6,00,00,000
| 6,00,00,000
|
| Deduction Claimed |
-10,00,000 |
-10,00,000 |
| New Taxable Income |
5,90,00,000 |
5,90,00,000 |
| Tax on this |
1,75,12,500 |
1,75,12,500 |
| Surcharge |
26,26,875 |
64,79,625 |
| Cess |
8,05,575 |
9,59,685 |
| Total Tax |
2.09 Crore |
2.49 Crore |
| Higher By
| 40 Lakh Per Year
|
| 3.33 Lakh Per Year
|
Income tax slabs 2018-19 for Individuals & HUF
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 250000 |
Nil |
Nil |
Nil |
| 250001 to 350000 |
5%* |
4% |
Nil |
| 250001 to 500000 |
5% |
4% |
Nil |
| 500001 to 1000000 |
20% |
4% |
Nil |
| 1000001 to 5000000 |
30% |
4% |
Nil |
| 5000001 to 10000000 |
30% |
4% |
10% |
| 10000001 & Above |
30% |
4% |
15% |
*Rebate of Rs.2500 can be claimed by individuals earning between Rs 2.5 lakh
and Rs 3.5 lakh u/s87A
Income tax slabs 2018-19- for Senior citizens (Aged 60 years but less than 80
years)
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 300000 |
Nil |
Nil |
Nil |
| 300001 to 350000 |
5%* |
4% |
Nil |
| 300001 to 500000 |
5% |
4% |
Nil |
| 500000 to 1000000 |
20% |
4% |
Nil |
| 1000001 to 5000000 |
30% |
4% |
Nil |
| 5000001 to 10000000 |
30% |
4% |
10% |
| 10000001 & Above |
30% |
4% |
15% |
*Rebate of Rs.2500 can be claimed by individuals earning between Rs 2.5 lakh
and Rs 3.5 lakh u/s87A
Income tax slabs 2018-19 - for Very Senior citizens (Above 80 years)
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 500000 |
Nil |
Nil |
Nil |
| 500001 to 1000000 |
20% |
4% |
Nil |
| 1000001 to 5000000 |
30% |
4% |
Nil |
| 5000001 to 10000000 |
30% |
4% |
10% |
| 10000001 & Above |
30% |
4% |
15% |
Surcharge: If the total income exceeds Rs 50 Lakhs but below Rs 1 crore, a
surcharge of 10% will be levied. 15% surcharge on income tax if the total income is over and
above Rs 1 cr
Income tax slabs 2017-2018 for Individuals & HUF
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 250000 |
Nil |
Nil |
Nil |
| 250001 to 350000 |
5%* |
3% |
Nil |
| 250001 to 500000 |
5% |
3% |
Nil |
| 500001 to 1000000 |
20% |
3% |
Nil |
| 1000001 to 5000000 |
30% |
3% |
Nil |
| 5000001 to 10000000 |
30% |
3% |
10% |
| 10000001 & Above |
30% |
3% |
15% |
* U/S 87A, Tax rebate of Rs 2,500 for individuals with income of up to Rs 3.5
Lakh has been proposed
Income tax slabs 2017-2018 - for Senior citizens (Aged 60 years but less than
80 years)
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 300000 |
Nil |
Nil |
Nil |
| 300001 to 350000 |
5%* |
3% |
Nil |
| 300001 to 500000 |
5% |
3% |
Nil |
| 500000 to 1000000 |
20% |
3% |
Nil |
| 1000001 to 5000000 |
30% |
3% |
Nil |
| 5000001 to 10000000 |
30% |
3% |
10% |
| 10000001 & Above |
30% |
3% |
15% |
* U/S 87A, Tax rebate of Rs 2,500 for individuals with income of up to Rs 3.5
Lakh has been proposed
Income tax slabs 2017-2018 - for Very Senior citizens (Above 80 years)
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 500000 |
Nil |
Nil |
Nil |
| 500001 to 1000000 |
20% |
3% |
Nil |
| 1000001 to 5000000 |
30% |
3% |
Nil |
| 5000001 to 10000000 |
30% |
3% |
10% |
| 10000001 & Above |
30% |
3% |
15% |
Surcharge: If the total income exceeds Rs 50 Lakhs but below Rs 1 crore, a surcharge of 10% will
be levied.
15% surcharge on income tax if the total income is over and above Rs 1 cr
India Income tax slabs 2016-2017 for General tax payers and Women
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 2,50,000 |
No tax |
| 2 |
2,50,001 to 5,00,000 |
10% |
| 3 |
5,00,001 to 10,00,000 |
20% |
| 4 |
Above 10,00,000 |
30% |
India Income tax slabs 2016-2017 - for Senior citizens (Aged 60 years but less
than 80 years)
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 3,00,000 |
No tax |
| 2 |
3,00,001 to 5,00,000 |
10% |
| 3 |
5,00,001 to 10,00,000 |
20% |
| 4 |
Above 10,00,000 |
30% |
India Income tax slabs 2016-2017 - for Very Senior citizens (Above 80 years)
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 5,00,000 |
No tax |
| 2 |
5,00,001 to 10,00,000 |
20% |
| 3 |
Above 10,00,000 |
30% |
India Income tax slabs 2015-2016 for General tax payers and Women
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 2,50,000 |
No tax |
| 2 |
2,50,001 to 5,00,000 |
10% |
| 3 |
5,00,001 to 10,00,000 |
20% |
| 4 |
Above 10,00,000 |
30% |
India Income tax slabs 2015-2016 - for Senior citizens (Aged 60 years but less
than 80 years)
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 3,00,000 |
No tax |
| 2 |
3,00,001 to 5,00,000 |
10% |
| 3 |
5,00,001 to 10,00,000 |
20% |
| 4 |
Above 10,00,000 |
30% |
India Income tax slabs 2015-2016 - for Very Senior citizens (Above 80 years)
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 5,00,000 |
No tax |
| 2 |
5,00,001 to 10,00,000 |
20% |
| 3 |
Above 10,00,000 |
30% |
