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Income Tax Slabs for FY 2024-25 (AY 2025-26)
Income Tax Slabs
India’s income tax system follows a progressive structure with different rates based on income, residential status, and age. There are two tax regimes to choose from: the Old Tax Regime and the New Tax Regime, each with distinct benefits.
Income Tax Slabs (New Tax Regime) for FY 2024-25 (AY 2025-26)
| Income Range (₹) | Tax Rate |
|---|---|
| ₹0 – ₹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% |
| ₹15,00,001 & above | 30% |
Income Tax Slabs (Old Tax Regime) for FY 2024-25 (AY 2025-26)
| Income Range (₹) | Tax Rate |
|---|---|
| Up to ₹2,50,000 | NIL |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| ₹10,00,001 & above | 30% |
Key Updates for FY 2024-25 (AY 2025-26):
- Increased Tax Rebate: The tax rebate under Section 87A has been raised to ₹12 lakh, making incomes up to ₹12.75 lakh tax-free under the New Regime.
- Surcharge: For incomes over ₹5 crore, the surcharge has been reduced from 37% to 25% under the revised New Tax Regime.
Choosing Between the Old and New Tax Regime:
- Old Tax Regime: Suitable for individuals who can claim various exemptions and deductions (e.g., Section 80C, HRA).
- New Tax Regime: Offers lower tax rates but doesn’t allow deductions and exemptions.
Senior & Super Senior Citizens Slabs (Old Tax Regime)
- Senior Citizens (60-80 years): ₹3,00,000 exemption.
- Super Senior Citizens (80+ years): ₹5,00,000 exemption.
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Frequently Asked Questions
Income that arises from selling a capital asset is known as capital gains. A capital asset includes any type of property that an assessee holds for any purpose. The capital assets are taxable in the hands of the receiver in the year of transfer of the capital asset. Such tax is known as capital gains tax. Capital gains tax is of two types - short-term capital gains and long-term capital gains.
The sale value of the asset is reduced by the cost of acquisition, and the profit from the sale is charged to tax as capital gains.
Given below are a few examples of capital assets -
- Land
- Building
- House property
- Patents
- Trademarks
- Vehicles
- Leasehold Property
- Machinery
- Jewellery
Income that arises from selling a capital asset is known as capital gains. A capital asset includes any type of property that an assessee holds for any purpose. The capital assets are taxable in the hands of the receiver in the year of transfer of the capital asset. Such tax is known as capital gains tax. Capital gains tax is of two types - short-term capital gains and long-term capital gains.
The sale value of the asset is reduced by the cost of acquisition, and the profit from the sale is charged to tax as capital gains.
Given below are a few examples of capital assets -
- Land
- Building
- House property
- Patents
- Trademarks
- Vehicles
- Leasehold Property
- Machinery
- Jewellery
Income that arises from selling a capital asset is known as capital gains. A capital asset includes any type of property that an assessee holds for any purpose. The capital assets are taxable in the hands of the receiver in the year of transfer of the capital asset. Such tax is known as capital gains tax. Capital gains tax is of two types - short-term capital gains and long-term capital gains.
The sale value of the asset is reduced by the cost of acquisition, and the profit from the sale is charged to tax as capital gains.
Given below are a few examples of capital assets -
- Land
- Building
- House property
- Patents
- Trademarks
- Vehicles
- Leasehold Property
- Machinery
- Jewellery