Reetu | Jul 23, 2024 |
New Slab Rate FY 2024-25 | AY 2025-26
The Union Budget 2024 was presented in the parliament today by the Hon’ble Finance Minister Nirmala Sitharaman. 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 & Hindu Undivided Family (HUF).
Slab Rate FY 2024-25 | AY 2025-26
New Slabs New Tax Regime
0-3L Nil
3-7L 5%
7-10L 10%
10-12L 15%
12-15L 20%
Above 15L 30%
No Change in slabs of Old Tax Regime
Standard Deduction to Salaried employees has also been increased to 75000 from 50000.
Slab Rate FY 2023-24 | AY 2024-25
Old Tax Regime
| Net income range | Resident Super Senior Citizen | Resident Senior Citizen | Any other Individual |
| Up to Rs. 2,50,000 | Nil | Nil | Nil |
| Rs. 2,50,001- Rs. 3,00,000 | Nil | Nil | 5% |
| Rs. 3,00,001- Rs. 5,00,000 | Nil | 5% | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
Alternative Tax Regime under section 115BAC (New tax regime)
| Net Income Range | Tax rate |
| Upto Rs. 3,00,000 | Nil |
| From Rs. 3,00,001 to Rs. 6,00,000 | 5% |
| From Rs. 6,00,001 to Rs.9,00,000 | 10% |
| From Rs. 9,00,001 to Rs. 12,00,000 | 15% |
| From Rs. 12,00,001 to Rs. 15,00,000 | 20% |
| Above Rs. 15,00,000 | 30% |
Surcharge on income-tax:
10 percent of income tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 percent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 percent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 percent of income tax if taxable income exceeds Rs. 5 crore. (25 percent in 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.
Slab Rate FY 2022-23 | AY 2023-24
Old Tax Regime
| Net income range | Resident Super Senior Citizen | Resident Senior Citizen | Any other Individual |
| Up to Rs. 2,50,000 | Nil | Nil | Nil |
| Rs. 2,50,001- Rs. 3,00,000 | Nil | Nil | 5% |
| Rs. 3,00,001- Rs. 5,00,000 | Nil | 5% | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
Alternative Tax Regime under section 115BAC (New tax regime)
| Total Income (Rs) | Rate |
| Upto 2,50,000 | Nil |
| From 2,50,001 to 5,00,000 | 5% |
| From 5,00,001 to 7,50,000 | 10% |
| From 7,50,001 to 10,00,000 | 15% |
| From 10,00,001 to 12,50,000 | 20% |
| From 12,50,001 to 15,00,000 | 25% |
| Above 15,00,000 | 30% |
Surcharge on income-tax:
10 percent of income tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 percent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 percent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 percent 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.
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