Hi Guys
This is Ravi Verma, in this article, I am gonna show you the income tax slab rates for FY. 2023-2024 (AY. 2024-2025)
Let’s begin,
- Income Tax slab rates for individuals (Resident / non Resident)
A. Individuals (other than senior citizens and super senior citizens)
| S.No | INCOME TAX | RATE (%) |
| 1 | Up to Rs. 2,50,000 | Nil |
| 2 | Rs. 2,50,001 to 5,00,000 | 5% |
| 3 | Rs. 5,00,001 to 10,00,000 | 20 |
| 4 | Above Rs. 10,00,000 | 30% |
B. Individuals (senior citizens)
| S.No | INCOME TAX | RATE (%) |
| 1 | Up to Rs. 3,00,000 | Nil |
| 2 | Rs. 3,00,001 to 5,00,000 | 5% |
| 3 | Rs. 5,00,001 to 10,00,000 | 20% |
| 4 | Above Rs. 10,00,000 | 30% |
C. Individuals (Super senior citizens)
| S.No | INCOME TAX | RATE (%) |
| 1 | Up to Rs. 5,00,000 | Nil |
| 2 | Rs. 5,00,001 to 10,00,000 | 20% |
| 3 | Above Rs. 10,00,000 | 30% |
- Rebate – A resident individual can avail rebate under section 87A.************
- Income Tax Slab Rates for (HUF, AOP, BOI, and AJP)
| S.No | INCOME TAX | RATE (%) |
| 1 | Up to Rs. 2,50,000 | Nil |
| 2 | Rs. 2,50,001 to 5,00,00 | 5% |
| 3 | Rs. 5,00,001 to 10,00,000 | 20% |
| 4 | Above Rs. 10,00,000 | 30% |
- New Income Tax Slab Rates for Individua, AOP, BOI, HUF, and AJP (Section 115BAC)
| S.No | INCOME TAX | RATE (%) |
| 1 | Up to Rs. 3,00,000 | Nil |
| 2 | Rs. 3,00,001 to 6,00,000 | 5% |
| 3 | Rs. 6,00,001 to 9,00,000 | 10% |
| 4 | Rs. 9,00,001 to 12,00,000 | 15% |
| 5 | Rs. 12,00,001 to 15,00,000 | 20% |
| 6 | Above Rs. 15,00,000 | 30% |
- Difference Between New Tax Regime and Old Tax Regime
| S.No | PARTICULAR | NEW TAX (FY. 2023-24) | OLD TAX (FY. 2023-24) |
| 1 | Basic Tax Exemption | Up to Rs. 3,00,000 | Up to Rs. 2,50,000 |
| 2 | Applicability | Individuals, AOP, BOI, HUF, and AJP | Individuals and HUF |
| 3 | Rebate u/s 87A | 25,000 | 12,500 |
| 4 | Rebate u/s 87A | Up to Rs. 7,50,000 | Up to Rs. 5,00,000 |
Thanks,