- May 26, 2023
- Posted by: Amit Mundhra CA
- Category: Income Tax
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Rates of income tax in old regime and new retime for AY 2024-25 (FY 2023-24) are as below.
Old Tax Regime-
In the old tax regime, the rates of income tax and its slabs are as below:
For Individual (resident or non-resident)
| Income Tax Slab | Income Tax Rate |
| Up to Rs.2.5 lakh | Exempt |
| Over Rs.2.5 lakh to Rs.5 lakh | 5% |
| Over Rs.5 lakh to Rs.10 lakh | 20% |
| Above Rs.10 lakh | 30% |
For Senior Citizens (resident or non-resident)
| Income Tax Slab | Income Tax Rate |
| Up to Rs.3 lakh | Exempt |
| Over Rs.3 lakh to Rs. 5 lakh | 5% |
| Over Rs.5 lakh to Rs.10 lakh | 20% |
| Above Rs.10 lakh | 30% |
For Super Senior Citizens (resident or non-resident) 80+ years:
| Income Tax Slab | Income Tax Rate |
| Up to Rs.5 lakh | Exempt |
| Over Rs.5 lakh to Rs.10 lakh | 20% |
| Above Rs.10 lakh | 30% |
For Hindu Undivided Family (HUF) :
| Income Tax Slab | Income Tax Rate |
|---|---|
| Up to Rs.2.5 lakh | Exempt |
| Over Rs.2.5 lakh to Rs.5 lakh | 5% |
| Over Rs.5 lakh to Rs.10 lakh | 20% |
| Above Rs.10 lakh | 30% |
New Tax Regime-
In the new tax regime, the rates of income tax and its slabs are as below:
For Individuals (resident or non-resident):
| Income Tax Slab | Income Tax Rate |
|---|---|
| Up to Rs.3 lakh | Exempt |
| Over Rs.3 lakh to Rs. 6 lakh | 5% |
| Over Rs.6 lakh to Rs. 9 lakh | 10% |
| Over Rs.9 lakh to Rs.12 lakh | 15% |
| Over Rs.12 lakh to Rs.15 lakh | 20% |
| Above Rs.15 lakh | 30% |
For Senior Citizens (resident or non-resident):
| Income Tax Slab | Income Tax Rate |
| Up to Rs.3 lakh | Exempt |
| Over Rs.3 lakh to Rs. 6 lakh | 5% |
| Over Rs.6 lakh to Rs. 9 lakh | 10% |
| Over Rs.9 lakh to Rs.12 lakh | 15% |
| Over Rs.12 lakh to Rs.15 lakh | 20% |
| Above Rs.15 lakh | 30% |
For Super Senior Citizens (resident or non-resident) 80+ years :
| Income Tax Slab | Income Tax Rate |
| Up to Rs.3 lakh | Exempt |
| Over Rs.3 lakh to Rs. 6 lakh | 5% |
| Over Rs.6 lakh to Rs. 9 lakh | 10% |
| Over Rs.9 lakh to Rs.12 lakh | 15% |
| Over Rs.12 lakh to Rs.15 lakh | 20% |
| Above Rs.15 lakh | 30% |
For Hindu Undivided Family (HUF) :
| Income Tax Slab | Income Tax Rate |
| Up to Rs.3 lakh | Exempt |
| Over Rs.3 lakh to Rs. 6 lakh | 5% |
| Over Rs.6 lakh to Rs. 9 lakh | 10% |
| Over Rs.9 lakh to Rs.12 lakh | 15% |
| Over Rs.12 lakh to Rs.15 lakh | 20% |
| Above Rs.15 lakh | 30% |
Note:
The rates of Surcharge and Health & Education cess are same under both the tax regimes.
Rebate u/s 87A: Resident Individual whose Total Income is not more than ₹ 5,00,000 is also eligible for a Rebate of up to 100% of income tax or ₹ 12,500, whichever is less. This Rebate is available in both tax regimes.
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