If you want to calculate your tax correctly or save money, the first thing you need to understand is income tax slabs. In India, tax is charged based on your income level — higher income, higher tax. But here’s the catch: Income tax slabs in India differ based on:
- Age
- Tax regime chosen (Old vs New)
1. New Tax Regime (Applicable to Individuals).
Same slabs for:
| Income | Tax Rate |
|---|---|
| Up to ₹4,00,000 | Nil |
| ₹4,00,001 – ₹8,00,000 | 5% |
| ₹8,00,001 – ₹12,00,000 | 10% |
| ₹12,00,001 – ₹16,00,000 | 15% |
| ₹16,00,001 – ₹20,00,000 | 20% |
| ₹20,00,001 – ₹24,00,000 | 25% |
| Above ₹24,00,000 | 30% |
2. Old Tax Regime (Applicable to Individuals)
2.1 Old Tax Regime (Individuals Below 60 Years)
| Income | Tax Rate |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
2.2 Old Tax Regime (Senior Citizens: Age 60–80 Years)
| Income | Tax Rate |
|---|---|
| Up to ₹3,00,000 | Nil |
| ₹3,00,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
2.3 Old Tax Regime (Super Senior Citizens: Age 80+)
| Income | Tax Rate |
|---|---|
| Up to ₹5,00,000 | Nil |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Important Notes
✅ Rebate under Section 87A: Old regime → up to ₹5 lakh income New regime → up to ₹7 lakh (approx tax-free benefit up to ~₹12 lakh effective)
✅ Standard deduction available in both regimes
❌ Deductions like 80C, 80D:
Allowed in Old regime
Mostly not allowed in New regime
Not sure which slab applies to you?
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