As of my last update in April 2023, the specific details for the income tax slabs for the Assessment Year 2024-25 (Financial Year 2023-24) in India had not been announced. Tax slabs can change based on the annual budget presented by the Finance Ministry, and it's crucial to check the latest updates directly from official sources like the Income Tax Department's website or the latest finance bill passed by the government.
However, I can provide you with an overview of the income tax slabs for both the old and new tax regimes as they were for the Assessment Year 2023-24, which might give you a baseline understanding. Please verify the latest tax slabs for AY 2024-25 from a reliable source.
For Individual Taxpayers below 60 Years (AY 2023-24)
Old Tax Regime
Income up to ₹2,50,000: No tax
₹2,50,001 to ₹5,00,000: 5%
₹5,00,001 to ₹10,00,000: 20%
Above ₹10,00,000: 30%
New Tax Regime
Income up to ₹2,50,000: No tax
₹2,50,001 to ₹5,00,000: 5%
₹5,00,001 to ₹7,50,000: 10%
₹7,50,001 to ₹10,00,000: 15%
₹10,00,001 to ₹12,50,000: 20%
₹12,50,001 to ₹15,00,000: 25%
Above ₹15,00,000: 30%
For Senior Citizens (Aged 60 Years But Less than 80 Years)
Old Tax Regime
Income up to ₹3,00,000: No tax
₹3,00,001 to ₹5,00,000: 5%
₹5,00,001 to ₹10,00,000: 20%
Above ₹10,00,000: 30%
The new tax regime does not offer different slabs for senior citizens; it remains the same as for individuals below 60 years.
For Very Senior Citizens (Aged 80 Years and Above)
Old Tax Regime
Income up to ₹5,00,000: No tax
₹5,00,001 to ₹10,00,000: 20%
Above ₹10,00,000: 30%
Again, the new tax regime does not have specific provisions for very senior citizens; the slabs are consistent across all ages.
Important Notes:
The choice between the old and new tax regime is available to individuals and HUFs.
Various exemptions and deductions available under the Income Tax Act, such as Section 80C deductions, housing loan interest (Section 24), etc., are not permissible under the new regime.
It's always advisable to consult a tax advisor or use the latest tax calculation tools to decide which regime benefits you more based on your income and possible deductions.
Remember, tax laws are subject to change, and you should consult the official Income Tax Department of India website or a tax professional for the most current information.