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Latest Income Tax Rates-New Regime and Old Regime -Financial Year 2024-25

A.Individuals-Age less than 60 years
Old Tax Regime-
Income Range Tax Rate
Up to Rs 2,50,000 Nil
Rs 250001-Rs500000 5.00%
Rs 5,00,001 to Rs 10,00,000 20.00%
Above Rs 10,00,000 30.00%
B.Individuals-Age 60 years to less than 80years
Old Tax Regime-
Income Range Tax Rate
Up to Rs 3,00,000 Nil
Rs 3,00,001-Rs500000 5.00%
Rs 5,00,001 to Rs 10,00,000 20.00%
Above Rs 10,00,000 30.00%
C.Individuals-Age 80years and above
Old Tax Regime-
Income Range Tax Rate
Up to Rs 5,00,000 Nil
Rs 5,00,001 to Rs 10,00,000 20.00%
Above Rs 10,00,000 30.00%
Note:
Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge.
A resident individual (whose net income does not exceed Rs. 5,00,000-after deducting 50,000 towards standard deduction)) can avail rebate under section 87A.
The amount of rebate is 100 per cent of income-tax or Rs. 12,500, whichever is less.
It is deductible from income-tax before calculating education cess.
D.New Tax Regime for all age groups
Income Range Tax Rate
Up to Rs 3,00,000 Nil
Rs 3,00,001-Rs600000 5.00%
Rs 6,00,001 to Rs 9,00,000 10.00%
Rs 9,00,001 to Rs 12,00,000 15.00%
Rs 12,00,001 to Rs15,00,000 20.00%
Above Rs 15,00,000 30.00%

Note 1:
Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge.
A resident individual (whose net income does not exceed Rs. 7,00,000 after deducting 50,000 towards standard deduction ) can avail rebate under section 87A.
The amount of rebate is 100 per cent of income-tax or Rs. 25,000 whichever is less.
It is deductible from income-tax before calculating education cess.
Note 2: The option to pay tax at lower rates shall be available only if the total income of assessee is computed without claiming specified exemptions or deductions:


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