Income Tax Rates Financial Year (FY) 2024-25


A.Old Tax Regime :

(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%

b. Health 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. 5,00,000) 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. 12,500, whichever is less.

B.New Tax Regime-Indiviuals -for all age groups.
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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