Income Tax Slab Rates for Individuals

Old Regime (for individuals below 60 years)
Taxable Income (₹)
Up to 2,50,000
2,50,001 – 5,00,000
5,00,001 – 10,00,000
Above 10,00,000
Tax Rate
Nil
5%
20%
30%

Note:

  • Senior citizens (age 60–79 years): basic exemption limit is ₹3,00,000
  • Super senior citizens (age 80+ years): basic exemption limit is ₹5,00,000
  • Most deductions (Sections 80C, 80D, etc.) are available only under this regime.

New Regime (Section 115BAC, default from AY 2024-25)

Taxable Income (₹)
Up to 3,00,000
3,00,001 – 6,00,000
6,00,001 – 9,00,000
9,00,001 – 12,00,000
12,00,001 – 15,00,000
Above 15,00,000
Tax Rate
Nil
5%
10%
15%
20%
25%

Note:

  • No higher exemption for senior or super senior citizens; the basic exemption for all is ₹3,00,000
  • Standard deduction of ₹50,000 is available
  • Most other deductions are not available, except specified cases.

Section 87A Rebate

  • Old Regime:If total taxable income (excluding special-rate incomes) ≤ ₹5,00,000, full tax rebate up to ₹12,500.
  • New Regime:If total taxable income (excluding special-rate incomes) ≤ ₹7,00,000, full tax rebate up to ₹25,000.
  • Note:Section 87A rebate is applied only to tax on income taxed at slab rates and is not available on special-rate income (such as STCG or LTCG on listed shares).

Surcharge on Income Tax

Taxable Income (₹)
Above 50 lakh up to 1 crore
Above 1 crore up to 2 crore
Above 2 crore up to 5 crore
Above 5 crore
Tax Rate
10%
15%
25%
37% (Old Regime)
25% (New Regime)

Important:

  • For Short-Term Capital Gains (STT paid, Section 111A) and Long-Term Capital Gains (STT paid, Section 112A), surcharge is capped at 15% on tax for such income, even if total income exceeds ₹2 crore.
  • Surcharge is calculated on (tax on slab income after rebate) and tax on special-rate income, as per law.

Health & Education Cess

  • Cess is charged at 4% on total income tax plus surcharge.

Special Capital Gains Tax Rates

Taxable Income (₹)
STCG (Section 111A, listed equity/units)
LTCG (Section 112A, listed equity/units)
Other LTCG (property, gold, etc.)
Other STCG (not covered under 111A)
Tax Rate
20%
12.5% (after ₹1.25 lakh exemption per year)
20% (with indexation, Section 112)
As per slab rate

Other Computation Assumptions

  • Standard deduction (salary): ₹50,000 in both regimes.
  • House Property: 30% standard deduction applied to net annual value.
  • HRA Exemption: Computed as per Income Tax Rules, available only under Old Regime.
  • Section 80TTB: Senior citizens eligible for up to ₹50,000 deduction on interest income (Old Regime only).
  • All calculations assume resident individual status.

Professional Disclosure

All tax rates, slabs, and computations provided above are as per the latest notified provisions of the Indian Income Tax Act and ICAI ethical guidelines. For a personalized assessment or clarification, please consult a qualified Chartered Accountant.

Have a question?

Reach out today to schedule a consultation and witness the direct impact of our proficiency.

Get In Touchbg elementbg element