Are you having trouble finding the income tax slab you need? Then this blog is for you, whether you’re a professional, an employee, or a company owner. This blog provides a comprehensive list of income tax slabs for the AY 2024-25 (and also FY 2023-24) along with their rates.
In short, this blog gathers all the information about income tax slabs in one place, so you won’t need to visit multiple websites to find out which tax slab you fall under.
Income Tax Slab for AY 2024-25 & FY 2023-24 (New Regime vs. Old Regime)
For Salaried Individuals
The income tax slab for AY 2024-25 and FY 2023-24 (new regime and old regime) for salaried individuals under the age of 60 years (irrespective of their residential status) has been displayed in the section hereunder.
Income Tax Slab for AY 2024-25 (New Tax Regime):
IT Slab | IT Rate |
Up to ₹3,00,000 | Nil |
₹3,00,001 – ₹6,00,000 | 5% above ₹3,00,000 |
₹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 |
Income Tax Slab for FY 2023-24 (Old Tax Regime):
IT Slab | IT Rate |
Up to ₹2,50,000 | Nil |
₹2,50,001 – ₹5,00,000 | 5% above ₹2,50,000 |
₹5,00,001 – ₹10,00,000 | ₹12,500 + 20% above ₹5,00,000 |
Above ₹10,00,000 | ₹1,12,500 + 30% above ₹10,00,000 |
Income Tax Slab for AY 2024-25 & FY 2023-24 (New Regime vs. Old Regime)
For Senior Citizens & Super Senior Citizens
The tax slab for AY 2024-25 and FY 2023-24 (new regime and old regime) for senior citizens under the age of 80 years, but above the age of 60 years (irrespective of their residential status) has been displayed in the section hereunder.
Income Tax Slab for AY 2024-25 (New Tax Regime):
IT Slab | IT Rate |
Up to ₹3,00,000 | Nil |
₹3,00,001 – ₹6,00,000 | 5% above ₹3,00,000 |
₹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 |
Income Tax Slab for FY 2023-24 (Old Tax Regime):
IT Slab | IT Rate |
Up to ₹2,50,000 | Nil |
₹2,50,001 – ₹5,00,000 | 5% above ₹3,00,000 |
₹5,00,001 – ₹10,00,000 | ₹10,000 + 20% above ₹5,00,000 |
Above ₹10,00,000 | ₹1,10,000 + 30% above ₹10,00,000 |
The tax slab for AY 2024-25 and FY 2023-24 (new regime and old regime) for super senior citizens above the age of 80 years (irrespective of their residential status) has been displayed in the section hereunder.
Income Tax Slab for AY 2024-25 (New Tax Regime):
IT Slab | IT Rate |
Up to ₹3,00,000 | Nil |
₹3,00,001 – ₹6,00,000 | 5% above ₹3,00,000 |
₹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 |
Income Tax Slab for FY 2023-24 (Old Tax Regime):
IT Slab | IT Rate |
Up to ₹5,00,000 | Nil |
₹5,00,001 – ₹10,00,000 | 20% above ₹5,00,000 |
Above ₹10,00,000 | ₹1,00,000 + 30% above ₹10,00,000 |
Income Tax Slab for AY 2024-25 & FY 2023-24 (New Regime vs. Old Regime)
For Individuals with Income from Business/Profession
The tax slab for AY 2024-25 and FY 2023-24 (new regime and old regime) for individuals having income from business/profession, under the age of 60 years (irrespective of their residential status) has been displayed in the section hereunder.
Income Tax Slab for AY 2024-25 (New Tax Regime):
IT Slab | IT Rate |
Up to ₹3,00,000 | Nil |
₹3,00,001 – ₹6,00,000 | 5% above ₹3,00,000 |
₹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 |
Income Tax Slab for FY 2023-24 (Old Tax Regime):
IT Slab | IT Rate |
Up to ₹2,50,000 | Nil |
₹2,50,001 – ₹5,00,000 | 5% above ₹2,50,000 |
₹5,00,001 – ₹10,00,000 | ₹12,500 + 20% above ₹5,00,000 |
Above ₹10,00,000 | ₹1,12,500 + 30% above ₹10,00,000 |
The tax slab for AY 2024-25 and FY 2023-24 (new regime and old regime) for senior citizens having income from business/profession, under the age of 80 years, but above the age of 60 years (irrespective of their residential status) has been displayed in the section hereunder.
Income Tax Slab for AY 2024-25 (New Tax Regime):
IT Slab | IT Rate |
Up to ₹3,00,000 | Nil |
₹3,00,001 – ₹6,00,000 | 5% above ₹3,00,000 |
₹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 |
Income Tax Slab for FY 2023-24 (Old Tax Regime):
IT Slab | IT Rate |
Up to ₹2,50,000 | Nil |
₹2,50,001 – ₹5,00,000 | 5% above ₹3,00,000 |
₹5,00,001 – ₹10,00,000 | ₹10,000 + 20% above ₹5,00,000 |
Above ₹10,00,000 | ₹1,10,000 + 30% above ₹10,00,000 |
The tax slab for AY 2024-25 and FY 2023-24 (new regime and old regime) for super senior citizens having income from business/profession, above the age of 80 years (irrespective of their residential status) has been displayed in the section hereunder.
Income Tax Slab for AY 2024-25 (New Tax Regime):
IT Slab | IT Rate |
Up to ₹3,00,000 | Nil |
₹3,00,001 – ₹6,00,000 | 5% above ₹3,00,000 |
₹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 |
Income Tax Slab for FY 2023-24 (Old Tax Regime):
IT Slab | IT Rate |
Up to ₹5,00,000 | Nil |
₹5,00,001 – ₹10,00,000 | 20% above ₹5,00,000 |
Above ₹10,00,000 | ₹1,00,000 + 30% above ₹10,00,000 |
Income Tax Slab for AY 2024-25 & FY 2023-24 (New Regime vs. Old Regime)
For Non-Resident Individuals
The tax slab for AY 2024-25 and FY 2023-24 (new regime and old regime) for non-resident individuals below the age of 60 years has been displayed in the section hereunder.
Tax Slab for AY 2024-25 (New Tax Regime):
IT Slab | IT Rate |
Up to ₹3,00,000 | Nil |
₹3,00,001 – ₹6,00,000 | 5% above ₹3,00,000 |
₹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 Slab for FY 2023-24 (Old Tax Regime):
IT Slab | IT Rate |
Up to ₹2,50,000 | Nil |
₹2,50,001 – ₹5,00,000 | 5% above ₹2,50,000 |
₹5,00,001 – ₹10,00,000 | ₹12,500 + 20% above ₹5,00,000 |
Above ₹10,00,000 | ₹1,12,500 + 30% above ₹10,00,000 |
The income tax slab for AY 2024-25 and FY 2023-24 (new regime and old regime) for non-resident individuals (i.e., senior citizens) below the age of 80 years, but above the age of 60 years, has been displayed in the section hereunder.
Tax Slab for AY 2024-25 (New Tax Regime):
IT Slab | IT Rate |
Up to ₹3,00,000 | Nil |
₹3,00,001 – ₹6,00,000 | 5% above ₹3,00,000 |
₹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 Slab for FY 2023-24 (Old Tax Regime):
IT Slab | IT Rate |
Up to ₹3,00,000 | Nil |
₹3,00,001 – ₹5,00,000 | 5% above ₹3,00,000 |
₹5,00,001 – ₹10,00,000 | ₹10,000 + 20% above ₹5,00,000 |
Above ₹10,00,000 | ₹1,10,000 + 30% above ₹10,00,000 |
The income tax slab for AY 2024-25 and FY 2023-24 (new regime and old regime) for non-resident individuals (i.e., super senior citizens) above the age of 80 years has been displayed in the section hereunder.
Income Tax Slab for AY 2024-25 (New Tax Regime):
IT Slab | IT Rate |
Up to ₹3,00,000 | Nil |
₹3,00,001 – ₹6,00,000 | 5% above ₹3,00,000 |
₹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 |
Income Tax Slab for FY 2023-24 (Old Tax Regime):
IT Slab | IT Rate |
Up to ₹5,00,000 | Nil |
₹5,00,001 – ₹10,00,000 | 20% above ₹5,00,000 |
Above ₹10,00,000 | ₹1,00,000 + 30% above ₹10,00,000 |
Tax Slab for AY 2024-25 (New Regime)
For Domestic Companies
The tax slab for AY 2024-25 for domestic companies of India has been displayed in the section hereunder.
Condition (IT Slab) | IT Rate (Excluding Cess & Surcharge) |
Gross receipts or total turnover during the previous year 2020-21 does not exceeds ₹400 crores | 25% |
If opted for Section 115BA | 25% |
If opted for Section 115BAA | 22% |
If opted for Section 115BAB | 15% |
Any other domestic company | 30% |
Tax Slab for AY 2024-25 (New Regime)
For LLP/Partnership Firm
There is no AY 2024-25 tax slab for Indian LLPs and partnership firms. There is only one uniform tax rate for all Indian LLPs and partnership firms, i.e., 30%.
Learn about Impact of Budget 2024 on New Company Registration Process
Surcharge, Marginal Relief, Health & Education Cess
Here’s a list of income tax website that can be accessed to look for the surcharge, marginal relief and health & education cess of the various income tax categories:
Category | Link |
Salaried Individuals | https://www.incometax.gov.in/iec/foportal/help/individual/return-applicable-1 |
Senior citizens & super senior citizens | https://www.incometax.gov.in/iec/foportal/help/individual/return-applicable-2 |
Individuals having income from business/profession | https://www.incometax.gov.in/iec/foportal/help/individual-business-profession |
Non-resident individuals | https://www.incometax.gov.in/iec/foportal/help/individual/return-applicable-0 |
HUFs | https://www.incometax.gov.in/iec/foportal/help/individual/return-applicable |
Domestic Companies | https://www.incometax.gov.in/iec/foportal/help/company/return-applicable |
LLPs/Partnership Firms |
Wrapping Up
Understanding the complexities of income tax is essential for individuals and businesses. This article provides a comprehensive breakdown of income tax slabs for AY 2024-25 and FY 2023-24, covering both the new and old tax regimes.
While the new regime offers simpler calculations, the old regime might still be beneficial for those eligible for deductions. Carefully evaluating both options is crucial for maximizing tax savings.
Remember, tax planning is an ongoing process, and consulting with a tax professional can help you make informed decisions and ensure compliance. Contact Actax India for the same.
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