Tax Slab Rates For FY 2024-25 As Per Budget 2024
For Individuals of age upto 60 years
If the individual Adopted New Tax regime has to follow the below slab rates:
| SI | Total Income | Rate of Tax |
| 1 | Up to Rs. 3,00,000 | Nil |
| 3 | From Rs. 3,00,001 to Rs. 6,00,000 | 5 percent. |
| 4 | From Rs. 6,00,001 to Rs. 9,00,000 | 10 percent. |
| 5 | From Rs. 9,00,001 to Rs. 12,00,000 | 15 percent. |
| 6 | From Rs. 12,00,001 to Rs. 15,00,000 | 20 percent. |
| 7 | Above Rs. 15,00,000 | 30 percent |
If the individual opts for old tax regime then has to follow the rates as below slab.
| SI | Total Income | Rate of Tax |
| 1 | Up to Rs. 2,50,000 | Nil |
| 2 | From Rs. 2,50,001 to Rs. 5,00,000 | 5 per cent. |
| 3 | From Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent. |
| 4 | Above Rs. Rs. 10,00,000 | 30 per cent. |
For Individuals of age from 60 years upto 80 years (Senior Citizens)
If the individual Adopted New Tax regime has to follow the below slab rates:
| SI | Total Income | Rate of Tax |
| 1 | Up to Rs. 3,00,000 | Nil |
| 3 | From Rs. 3,00,001 to Rs. 6,00,000 | 5 percent. |
| 4 | From Rs. 6,00,001 to Rs. 9,00,000 | 10 percent. |
| 5 | From Rs. 9,00,001 to Rs. 12,00,000 | 15 percent. |
| 6 | From Rs. 12,00,001 to Rs. 15,00,000 | 20 percent. |
| 7 | Above Rs. 15,00,000 | 30 percent |
If the individual opts for old tax regime then has to follow the rates as below slab.
| SI | Total Income | Rate of Tax |
| 1 | Up to Rs. 3,00,000 | Nil |
| 2 | From Rs. 3,00,001 to Rs. 5,00,000 | 5 per cent. |
| 3 | From Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent. |
| 4 | Above Rs. Rs. 10,00,000 | 30 per cent. |
For Individuals of age above 80 years (Super Senior Citizens)
If the individual Adopted New Tax regime has to follow the below slab rates:
| SI | Total Income | Rate of Tax |
| 1 | Up to Rs. 3,00,000 | Nil |
| 3 | From Rs. 3,00,001 to Rs. 6,00,000 | 5 percent. |
| 4 | From Rs. 6,00,001 to Rs. 9,00,000 | 10 percent. |
| 5 | From Rs. 9,00,001 to Rs. 12,00,000 | 15 percent. |
| 6 | From Rs. 12,00,001 to Rs. 15,00,000 | 20 percent. |
| 7 | Above Rs. 15,00,000 | 30 percent |
If the individual opts for old tax regime then has to follow the rates as below slab.
| SI | Total Income | Rate of Tax |
| 1 | From Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent. |
| 2 | Above Rs. Rs. 10,00,000 | 30 per cent. |
Rebate under section 87A
1. Under the provisions of section 87A of the Act, an assessee, being an individual resident in India, having total income not exceeding Rs 5 lakh, is provided a rebate of 100 per cent of the amount of income-tax payable i.e., an individual having income upto Rs 5 lakh is not required to pay any income-tax that will be consumed by the government.
2. From assessment year 2025-26 onwards, an assessee, being an individual resident in India whose income is chargeable to tax under the proposed sub-section (1A) of section 115BAC, shall now be entitled to a rebate of 100 per cent of the amount of income-tax payable on a total income not exceeding Rs 7 lakh.
Rate of tax for Association of Person and Body of Individuals
As per section 167B the following is the rate of tax for AOP/ BOI:
a. In case the shares of the members are known and if all members are having Net Taxable income is up to basic exemption limit and none of the member is a foreign company then the income is taxed at slab rate
b. In case the shares of the members are known and if one or more member’s net taxable income is more than basic exemption limit and none of them is foreign company then the tax the entire income at Maximum Marginal rate i.e. 42.744%
c. In case the shares of the members are unknown then the tax the entire income at Maximum Marginal rate i.e. 42.744%
Rate of tax for Cooperative Society
In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part I of the First Schedule to the Bill. They remain unchanged as below:
| Slab of Income | Rate |
| Upto Rs. 10,000 | 10% |
| 10,001 to 20,000 | 20% |
| Above 20,000 | 30% |
a) In the case of every co-operative society (except resident co-operative society opting under section 115BAD) or firm or local authority, at the rate of twelve per cent of such income-tax, where the total income exceeds one crore rupees;
(b) In case of resident co-operative society opting under section 115BAD, at the rate of ten percent of such income tax.
Rate of tax for Firms:
In the case of firms, the rate of income-tax has been specified in Paragraph C of Part I of the First Schedule to the Bill. They remain unchanged. Income of Partnership firms and LLP shall be taxable at the rate of 30%.
Note: LTCG shall be taxed at 20% and STCG 111A at 15% for firm
Surcharge in case of firms:
In case of firm 12% surcharge will be levied if Net total income exceeds Rs. 1 Crore.
Rate of tax for Local authorities
The rate of income-tax in the case of every local authority has been specified in Paragraph D of Part I of the First Schedule to the Bill. They remain unchanged at 30%.
Rate of tax for Companies
The rates of income-tax in the case of companies have been specified in Paragraph E of Part I of the First Schedule to the Bill.
| Type of company | Rate of tax |
| Domestic company (If turnover for FY 2018-19 is up to 400 Crores) Opting for Section 115BAA | 25% 22% |
| Domestic Company (Others) | 30% |
| Foreign Company | 40% |
Surcharge In Case Of Company
| Type of Company | Rate |
| Domestic with income upto Rs. 1 Crore but not exceeding Rs. 10 crore | 7% |
| Domestic with income exceeding Rs. 10 crore | 12% |
| Company exercising option under section 115BAB and 115BAA | 10% |
| Foreign with income upto Rs. 1 Crore but not exceeding Rs. 10 crore | 2% |
| Foreign with income exceeding Rs. 10 crore | 5% |
Note:
All of the above tax calculated shall be further increased by health and education cess of 4%