Tax Slab Rate

Income Tax Latest Slab Rates, FY 2023-24 (AY 2024-25)

Income Tax is paid at a specified rate on Taxable Income, The rate of Income Tax is fixed by the Government of India based on the range of taxable income. Income tax payable is calculated using income tax slabs and rates for the applicable financial year (FY xxxx-xx) and assessment year (AY xxxx-xx).

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If you are searching for the latest income tax slab rates for the FY 2023-24, Follow the steps given below.

Income Tax Latest Slab Rates FY 2023-24 (AY 2024-25) for Individuals

As we know, the income tax slab and rates for an Individual or HUF Assessee are different for FY 2023-24 (AY 2024-25) under the old and the new tax regimes.  The Income Tax Department Government of India has given the option to the Assessee to pay Income Tax on any option. The income tax latest slab rates are given below. for Individual and HUF.

 Old Tax Regime - Tax Slabs for FY 2023-24
Slabs for Normal Individuals - < 60 Years 
Up to Rs. 2,50,000 NIL
Rs. 2,50,001 to Rs. 3,00,000 5%
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%
 Old Regime - Tax Slabs for FY 2023-24
Slabs for Senior Citizen - 60 to 80 Years
Up to Rs. 2,50,000 NIL
Rs. 2,50,001 to 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%
 Old Regime - Tax Slabs for FY 2023-24
Slabs for Super Senior Citizen -  > 80 Years
Up to Rs. 2,50,000 NIL
Rs. 2,50,001 to Rs. 3,00,000 NIL
Rs. 3,00,001 to Rs. 5,00,000 NIL
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

 

Note: Tax Rebate Under Section 87A for FY 2023-24 (AY 2024-25): Under old income tax regimes. A resident individual with taxable income up to Rs 5,00,000 will be eligible for a tax rebate of Rs 12,500, or the amount of tax payable whichever is lower.

New Regime - Tax Slabs for FY 2023-24
Slabs for Normal Individuals  < 60 Years 
Up to Rs. 3,00,000 NIL
Rs. 3,00,001 to Rs. 6,00,000 5%
Rs. 6,00,001 to Rs. 9,00,000 10%
Rs. 9,00,001 to Rs. 12,00,000 15%
Rs. 12,00,001 to Rs. 15,00,000 20%
Above Rs. 15,00,000 30%
New Regime - Tax Slabs for FY 2023-24
Slabs for Senior Citizen  60 to 80 Years
Up to Rs. 3,00,000 NIL
Rs. 3,00,001 to Rs. 6,00,000 5%
Rs. 6,00,001 to Rs. 9,00,000 10%
Rs. 9,00,001 to Rs. 12,00,000 15%
Rs. 12,00,001 to Rs. 15,00,000 20%
Above Rs. 15,00,000 30%
New Regime - Tax Slabs for FY 2023-24
Slabs for Super Senior Citizen  > 80 Years
Up to Rs. 3,00,000 NIL
Rs. 3,00,001 to Rs. 6,00,000 5%
Rs. 6,00,001 to Rs. 9,00,000 10%
Rs. 9,00,001 to Rs. 12,00,000 15%
Rs. 12,00,001 to Rs. 15,00,000 20%
Above Rs. 15,00,000 30%

 

Note: Under the new income tax regime, the amount of the rebate under Section 87A for FY 2023-24 (AY 2024-25) has been updated. A resident individual with taxable income up to Rs 7,00,000 will receive Rs 25,000 as tax relief.

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