| (i)Individuals (Age less than 60years) | |
| Net Income Tax Range | Income Tax Rate |
| Upto Rs. 2,50,000 | Nil. |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| (ii)Senior Citizens age 60 yrs to less than 80 yrs | |
| Upto Rs. 3,00,000 | Nil. |
| Rs. 3,00,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs.10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| (ii)Senior Citizens age 80 yrs and above. | |
| Upto Rs. 5,00,000 | Nil. |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Total Income (Rs) | Rate |
| Up to 3,00,000 | Nil |
| From 3,00,001 to 7,00,000 | 5% |
| From 7,00,001 to 10,00,000 | 10% |
| From 10,00,001 to 12,00,000 | 15% |
| From 12,00,001 to 15,00,000 | 20% |
| Above 15,00,000 | 30% |
Halth and Education Cess :
Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge.
Note: A resident individual (whose net income does not exceed Rs. 7,00,000) can avail rebate under section 87A.
It is deductible from income-tax before calculating education cess.
The amount of rebate is 100 per cent of income-tax or Rs. 25,000 whichever is less.
Note 2: The option to pay tax at lower rates shall be available only if the total income of assessee is computed without claiming specified exemptions or deductions:
Add Surcharge -(Old and New Tax regime)
Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-
|
Rate of Surcharge |
||||
| Financial Years 2024-25 ( Assessment years 2025-26) | ||||
| Range of Income | ||||
| Rs. 50 Lakhs to Rs. 1 Crore | Rs. 1 Crore to Rs. 2 Crores | Rs. 2 Crores to Rs. 5 Crores | Rs. 5 crores to Rs. 10 Crores | Exceeding Rs. 10 Crores |
| 10% | 15% | 25% | 37% Old Regime 25% New Regime |
37% Old Regime 25% New Regime |
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