Income Tax Slab Rate as per Budget 2024

The Hon’ble Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in the parliament today. In the Budget, FM has made many changes and a few related to income tax. There have been changes in the tax slab and the New tax regime slab rate has changed. In this article you can check out the latest slab rates for FY 2024-25 | AY 2025-26 as per New and Old Tax Regimes for individuals and Hindu Undivided Family (HUF).

Income Tax Slab Rate FY 2024-25 | AY 2025-26

New Slabs as per the New Tax Regime

No Change in slabs of the Old Tax Regime

Other Changes

Standard Deduction to Salaried employees has also been increased to Rs.75000 from Rs.50000.

Income Tax Slab Rate FY 2023-24 | AY 2024-25

Old Tax Regime

Alternative Tax Regime under section 115BAC (New tax regime)

Surcharge on Income Tax

• 10% of income tax if taxable income exceeds Rs.50 lakh but does not exceed Rs. 1 crore or
• 15% of income-tax if taxable income exceeds Rs.1 crore but does not exceed Rs. 2 crore or
• 25% of income-tax if taxable income exceeds Rs.2 crore but does not exceed Rs. 5 crore or
• 37% of income tax if taxable income exceeds Rs.5 crore. (25% in the New Tax Regime.)
• However, the maximum rate of surcharge on tax payable on dividend income or capital gain referred to in Section 111A, Section 112, or Section 112A shall be 15%.

Health and Education Cess

4% of income-tax and surcharge.

Income Tax Slab Rate FY 2022-23 | AY 2023-24

Old Tax Regime

Alternative Tax Regime under section 115BAC (New tax regime)

Surcharge on Income Tax

• 10% of income tax if taxable income exceeds Rs.50 lakh but does not exceed Rs.1 crore or
• 15% of income-tax if taxable income exceeds Rs.1 crore but does not exceed Rs.2 crore or
• 25% of income-tax if taxable income exceeds Rs.2 crore but does not exceed Rs.5 crore or
• 37% of income tax if taxable income exceeds Rs.5 crore.
• However, the maximum rate of surcharge on tax payable on dividend income or capital gain referred to in Section 111A, Section 112, or Section 112A shall be 15%.

Health and Education Cess

4% of income-tax and surcharge.