Income Tax Slabs FY 2024-25
The Union Budget 2024 introduced revised tax slabs under the new regime while keeping the old regime unchanged.
New Tax Regime (Default)
| Income Slab | Tax Rate | |-------------|----------| | Up to ₹3,00,000 | Nil | | ₹3,00,001 - ₹7,00,000 | 5% | | ₹7,00,001 - ₹10,00,000 | 10% | | ₹10,00,001 - ₹12,00,000 | 15% | | ₹12,00,001 - ₹15,00,000 | 20% | | Above ₹15,00,000 | 30% |
Standard Deduction: ₹75,000
Old Tax Regime
| Income Slab | Tax Rate | |-------------|----------| | Up to ₹2,50,000 | Nil | | ₹2,50,001 - ₹5,00,000 | 5% | | ₹5,00,001 - ₹10,00,000 | 20% | | Above ₹10,00,000 | 30% |
Standard Deduction: ₹50,000
Which Regime Should You Choose?
Choose New Regime if:
- You have minimal deductions
- Your income is below ₹10 lakh
- You don't have home loan
Choose Old Regime if:
- You claim HRA exemption
- You have home loan interest
- You invest in PPF, ELSS, etc.
- Your total deductions exceed ₹3-4 lakh
Calculate Your Tax
Use our Income Tax Calculator to compare both regimes.
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Tags
#Income Tax#Tax Slabs#Old Regime#New Regime
