📌 Introduction
The Union Budget 2024 retained the dual tax regime structure introduced earlier, giving taxpayers the flexibility to choose between the New Tax Regime (Section 115BAC) and the Old Tax Regime.
Here’s a clear, comprehensive breakdown of the Income Tax Slabs for Financial Year 2024-25 (Assessment Year 2025-26) applicable to individuals, senior citizens, HUFs, NRIs, and companies.
📌 Income Tax Slabs for Individuals & HUFs (FY 2024-25)
✅ New Tax Regime Slab Rates (Default Option)
| Annual Income (₹) | Tax Rate |
| Up to ₹3,00,000 | Nil |
| ₹3,00,001 to ₹6,00,000 | 5% |
| ₹6,00,001 to ₹9,00,000 | 10% |
| ₹9,00,001 to ₹12,00,000 | 15% |
| ₹12,00,001 to ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
Important:
- A standard deduction of ₹50,000 is allowed for salaried individuals and pensioners under the New Regime.
- Rebate under Section 87A for income up to ₹7 lakh makes effective tax zero.
✅ Old Tax Regime Slab Rates
| Annual Income (₹) | Individuals (<60 years) & HUF | Senior Citizens (60-80 years) | Super Senior Citizens (80+ years) |
| Up to ₹2,50,000 | Nil | Nil | Nil |
| ₹2,50,001 to ₹3,00,000 | 5% | Nil | Nil |
| ₹3,00,001 to ₹5,00,000 | 5% | 5% | Nil |
| ₹5,00,001 to ₹10,00,000 | 20% | 20% | 20% |
| Above ₹10,00,000 | 30% | 30% | 30% |
Rebate under Section 87A
- Available for income up to ₹5 lakh (tax rebate up to ₹12,500) making effective tax zero.
📌 Income Tax Rates for NRIs (FY 2024-25)
| Annual Income (₹) | Tax Rate |
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 to ₹5,00,000 | 5% |
| ₹5,00,001 to ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Note: NRIs are not eligible for the senior citizen exemption limits in India.
📌 Income Tax Rates for Domestic Companies
| Company Type | Tax Rate |
| Domestic company with turnover up to ₹400 crore (PY 2022-23) | 25% |
| Domestic company (other cases) | 30% |
| Companies opting under Section 115BAA (without exemptions) | 22% |
| New domestic manufacturing companies under Section 115BAB | 15% |
Applicable surcharge and 4% health & education cess extra.
📌 Surcharge Rates (FY 2024-25)
| Income Level (₹) | Surcharge for Individuals |
| ₹50 lakh to ₹1 crore | 10% |
| ₹1 crore to ₹2 crore | 15% |
| ₹2 crore to ₹5 crore | 25% |
| Above ₹5 crore | 25% (30% in Old Regime) |
Note: In the New Tax Regime, the maximum surcharge rate has been capped at 25%.
📌 Which Tax Regime Should You Choose?
- New Regime: Lower slab rates, fewer exemptions and deductions.
- Old Regime: Higher rates, but allows deductions under sections like 80C, 80D, HRA, home loan interest, etc.
Taxpayers must compare both regimes and select the one that offers lower tax liability.
📌 Conclusion
Understanding the latest Income Tax Slabs for FY 2024-25 is crucial for efficient tax planning. With the New Tax Regime becoming the default, individual taxpayers must carefully assess benefits and deductions under both systems before filing their returns.
📢 Need Tax Planning or ITR Filing Support?
Contact our expert team at www.gstsuvidhacentre.co.in for personalized tax planning, income tax return filing, and investment advisory services.
👉 Book a Free Consultation Now!
