Income Tax Slabs 2024-25 Budget 2024 Live Updates
An important thing to note is that no changes have been introduced under the old income tax regime and the tax slabs and tax rates there remain the same.
Latest Income Tax Slabs 2024-2025 For New Tax Regime
The new income tax slabs under the new tax regime effective FY 2024-25 onwards are:
Under the new income tax regime, also known as the Concessional Tax Regime, for the financial year 2024-25, the eligibility limit for rebate is at Rs 7,00,000. This means that taxpayers can avail a tax rebate of up to Rs 25,000. Additionally, marginal relief will continue to be available to resident individuals whose net taxable income exceeds Rs 7,00,000 and the incremental income tax liability is higher than the incremental income above Rs 7,00,000.
Apart from the taxes calculated according to the slabs mentioned above, a surcharge will be levied on the income-tax of individuals if their total income exceeds Rs 5,000,000.
Income Tax Slabs 2024-2025 For Old/Regular Tax Regime
For the financial year 2024-25, the income tax slabs and rates mentioned below are applicable to individuals who are residents below 60 years of age, non-residents (NR), and not ordinarily residents (NOR). Resident individual taxpayers with a total income not exceeding Rs 500,000 are eligible for a tax rebate of Rs 12,500 or the actual tax payable, whichever is lower.
It is important to note that for resident individuals who are senior citizens above the age of 60, the basic exemption limit is Rs 3 lakh. For super senior citizens aged 80 years and above, the basic exemption limit is Rs 5 lakh.
Lastly, a health and education cess of 4% is levied on the income-tax and surcharge (if applicable) for all individuals, calculated according to the rates mentioned above.