Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2024-25
The basic income tax exemption limit and tax slabs for individuals can be broadly categoriesd as under:
(i) Optional Simplified Personal Tax Regime (New Tax Regime) under section 115BAC, and
(ii) Those not exercising option under Simplified Personal Tax Regime
For the AY 2024-25, the basic exemption limit for New Tax Regime has been increased to Rs. 3 lakhs and number of tax slabs have bene reduced to five as under:
| Upto Rs 3.00 lakhs | Nil |
| Income more than Rs. 3 lakhs up to 6 lakh | 5% |
| Income more than Rs. 6 lakhs up to 9 lakh | 10% |
| Income more than 9 lakhs upto 12 lakhs | 15% |
| Income more than 12 lakhs up to 15 lakhs | 20% |
| Income above Rs. 15 Lkahs | 30% |
Income Tax basic exemption limit and slabs for taxation under Simplified Personal Tax Regime for AY 2023-24 are as under:
| Upto Rs 2.50 lakhs | Nil |
| Income more than Rs. 2.5 lakhs up to 5 lakh | 5% |
| Income more than Rs. 5 lakhs up to 7.50 lakh | 10% |
| Income more than 7.50 lakhs upto 10 lakhs | 15% |
| Income more than 10 lakhs up to 12.50 lakhs | 20% |
| Income more than 12.50 lakhs up to 15 lakhs | 25% |
| Income above Rs. 15 Lkahs | 30% |
The assessee opting New Tax Regime are not entitled to claim any deductions.
No changes have been made to the existing basic exemption limit or in tax slabs/rates and will continue the same as for AY 2023-24 as under:
Currently for AY 2023-24 the Income Tax rates and slabs for Individual, HUF, association of persons, body of individuals, artificial juridical person not exercising the option under Simplified Personal Tax Regime are as under:
(i) Individual resident aged below 60 years
| Income Slabs | Tax Rates | |
|---|---|---|
| i. | Where the taxable income does not exceed Rs. 2,50,000/-. | NIL |
| ii. | Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. | 5% |
| iii. | Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
| iv. | Where the taxable income exceeds Rs. 10,00,000/-. | Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
(ii) Senior Citizen of the age of 60 years or more but below the age of 80 years
| Income Slabs | Tax Rates | |
|---|---|---|
| i. | Up to Rs. 3,00,000/- | NIL |
| ii. | Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- | 5% |
| iii. | Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | 10,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
| iv. | Where the taxable income exceeds Rs. 10,00,000/- | Rs. 110,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
(iii) Super Senior Citizen individual resident of the age of 80 years or more
| Income Slabs | Tax Rates | |
|---|---|---|
| i. | Up to Rs. 5,00,000/-. | Nil |
| ii. | Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
| iii. | Where the taxable income exceeds ₹ 10,00,000/- | Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
(a) based on taxable income including capital gains on equity shares u/s 111A, 112 and 112A
| Up to total income of Rs 50 lakhs | Nil |
| Taxable income exceeding Rs. 50 lacs and upto Rs. 1 crore | 10% |
| Taxable income exceeding Rs. 1 crore but not exceeding Rs. 2 crore | 15% |
| Taxable income exceeding Rs. 2 crore but not exceeding 5 crores | 25% |
| Taxable income exceeding Rs. 5 crore but not exceeding Rs. 10 crores | 37% |
| Taxable income exceeding Rs. 10 crore | 37% |
(i) The maximum rate of surcharge on tax payable on dividend income or capital gain referred to in Section 112, shall be 15%.
(ii) The surcharge rate for AOP with all members as a company, shall be capped at 15%.
For New Tax Regime however the maximum surcharge has been reduced from 37% to 25%
Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge
RBI specifies ‘Related Party’ with respect to bank RBI has issued RBI Credit Risk Management Directions, 2025 defining ‘Related Party’…
Advisory on Filing Opt-In Declaration for Specified Premises, 2025 Dear Taxpayers, The relevant declarations issued vide Notification No. 05/2025 –…
FAQs for HSNS Cess Act, 2025 and HSNS Cess Rules, 2026 Q1. Who is required to get registered under the…
Refusing to condone delay can result in a meritorious matter thrown out at very threshold against case being decided on…
When prior period expenses are not admissible as deduction, following the same principle the prior period income also cannot be…
Supreme Court condoned delay of 972 days in filing appeal due to restructuring in Income Tax Department In a recent…