HomePersonal FinanceIncometaxBudget 2024 - Income Tax Slab Rates FY 2024-25

Budget 2024 – Income Tax Slab Rates FY 2024-25

Income Tax Slab and Rates for FY 2024 -25 remain the same as that of FY 2023-24. No changes in the income tax slabs for the upcoming financial year, 2024-25, have been announced in the interim budget 2024 by the finance minister Nirmala Sitharaman in her speech.

It is important to note that many changes were made in Budget 2023 in the new tax regime. The income tax slab changes announced in Budget 2023 are effective for the financial year between April 1, 2023, to March 31, 2024, and are set to remain unchanged for FY 2024-25 (April 1, 2024 to March 31, 2025).

In India, we follow a progressive tax system, where your income levels determine your tax rates. This means the income tax rate changes and is determined by income bracket. The applicability of these slabs is influenced by factors such as residential status, income amount, type of taxpayer, and age.

Income Tax Slab FY 2024-2025

Income Tax Slab Rates FY 2024-25

In the realm of Indian taxation, the responsibility falls upon the shoulders of taxpayers to contribute their share based on the income tax slab they inhabit. This intricate structure comprises diverse income ranges, each associated with distinct tax rates. As one ascends the income ladder, so do the corresponding tax rates. The ingenious introduction of the slab system aims at fostering an equitable tax regime within the nation. Notably, alterations to the income tax slab are meticulously executed in alignment with the annual budget proclamation. Embracing these changes ensures a harmonious fiscal landscape and underscores the collective commitment to a progressive and just taxation system. There are three categories under which income tax is divided:-

  • Individuals who are less than 60 years
  • Senior citizens with age of 60 to 80 years
  • Super senior citizens with an age of above 80 years.

Income Tax Slab Rates FY 2024 – 25 – Old Tax Regime

Tax slabs for Individuals below 60 years

Income tax slabs (In Rs)
Income tax rate (%)
Up to 2,50,0000
2,50,001 – 5,00,0005%
5,00,001-10,00,00020%
Above 10,00,00130%

Tax Slab for Senior Citizen with age of 60 to 80 years

Income tax slabs (In Rs)
Income tax rate (%)
Up to 3,00,0000
3,00,001 – 5,00,0005%
5,00,001-10,00,00020%
Above 10,00,00130%

Tax Slab for Super Senior Citizen with an age above 80 years

Income tax slabs (In Rs)Income tax rate (%)
Up to 5,00,0000
5,00,001-10,00,00020%
Above 10,00,00130%

Income Tax Slab Rates FY 2024-25 – New Tax Regime

Income tax slabs (In Rs)
Income tax rate (%)
Up to 3,00,0000
3,00,001-6,00,0005%
6,00,001-9,00,00010%
9,00,001-12,00,00015%
12,00,001-15,00,00020%
Above 15,00,00130%

Cess will be levied at 4% on the income tax amount. Surcharges will be levied on incomes above Rs 50 lakh.

Shitanshu Kapadia
Shitanshu Kapadiahttp://moneyexcel.com/
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion. We do not offer any stock tips, investment, insurance or finance product related advice. Please consult a qualified financial planner and do your own due diligence before making any investment decision.
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