Income Tax Slab FY 2024-25 (AY 2025-26)

Old-regime slabs for FY 2024-25: up to ₹2.5 lakh Nil; ₹2.5–5 lakh 5%; ₹5–10 lakh 20%; above ₹10 lakh 30%, plus 4% cess and surcharge (up to 37%). Senior citizens aged 60–80 get a ₹3 lakh basic exemption and super-seniors aged 80+ get ₹5 lakh. All Chapter VI-A deductions (80C, 80D, etc.) and exemptions like HRA remain available in the old regime.

The new tax regime under Section 115BAC is the default for FY 2024-25 (AY 2025-26). If you want the old regime, you must opt in. Salaried taxpayers choose it at the time of filing the return; taxpayers with business or professional income (ITR-3 or ITR-4) must file Form 10-IEA to opt out of the new regime.

No. This page shows the historical slabs that applied for FY 2024-25 (AY 2025-26). From FY 2025-26 the new-regime nil band rose to ₹4 lakh, the 87A rebate extended to ₹12 lakh taxable income and the standard deduction rose to ₹75,000. For the current-year rates see our income tax slabs page.

The standard deduction for FY 2024-25 was ₹50,000 for salaried individuals and pensioners under both the new and old regimes. Budget 2024 announced the increase to ₹75,000, but that higher standard deduction applies only from FY 2025-26 (AY 2026-27), not FY 2024-25. Family pensioners get a separate ₹15,000 standard deduction.

Under Section 87A for FY 2024-25, the rebate is ₹25,000 for total income up to ₹7 lakh in the new regime, making tax nil at ₹7 lakh. Combined with the ₹50,000 standard deduction, a salaried person with gross income up to ₹7.5 lakh pays nil tax. In the old regime the 87A rebate is ₹12,500 for income up to ₹5 lakh.

No. For FY 2024-25 the Section 87A rebate applied only to normal-rate income, not to special-rate income such as LTCG under Section 112A (equity) or STCG under Section 111A. Even if total income was below ₹7 lakh, capital-gains tax could not be offset by the 87A rebate.

In the new regime, a salaried individual with gross income up to about ₹7.5 lakh paid nil tax — the ₹50,000 standard deduction brought taxable income to ₹7 lakh, which the ₹25,000 Section 87A rebate fully offset. In the old regime, income up to ₹5 lakh was tax-free via the ₹12,500 rebate, before considering any 80C or other deductions.

The new regime is default and generally better for those with few deductions, and gives nil tax up to ₹7 lakh. The old regime is better when you claim large deductions — 80C (₹1.5 lakh), 80D, HRA and Section 24 home-loan interest. As a rough guide, at ₹15 lakh income the old regime wins once total deductions and exemptions exceed about ₹3.75 lakh. Compute both before filing.

Salaried taxpayers with no business income can choose the regime freshly each year while filing the return — no separate form is needed. Taxpayers with business or professional income must file Form 10-IEA to opt out of (or back into) the new regime, and their ability to switch is restricted. Choose carefully if you have business income.

Yes. Senior and super-senior citizens can choose either regime for FY 2024-25. Note that the higher basic exemptions (₹3 lakh for 60–80 and ₹5 lakh for 80+) apply only in the old regime. In the new regime everyone, regardless of age, gets the same ₹3 lakh nil band and the 87A rebate up to ₹7 lakh.

From 23 July 2024, LTCG on listed equity and equity mutual funds rose from 10% to 12.5% (exemption raised from ₹1 lakh to ₹1.25 lakh) and STCG on equity rose from 15% to 20%. LTCG on property became 12.5% without indexation, with an option of 20% with indexation for property acquired before 23 July 2024. The property holding period for LTCG dropped from 36 to 24 months.

For FY 2024-25, LTCG on listed shares and equity mutual funds is 12.5% for transfers on or after 23 July 2024 (10% before that date), on gains above the ₹1.25 lakh annual exemption. Short-term gains on equity are taxed at 20% from 23 July 2024 (15% before). These are special rates and the Section 87A rebate does not apply to them.

For FY 2024-25 (AY 2025-26), the ITR due date for individuals not subject to audit is generally 31 July 2025 (subject to any CBDT extension). Taxpayers requiring a tax audit have a later date, typically 31 October 2025. A belated or revised return can be filed by 31 December 2025, and an updated return (ITR-U) for later, with additional tax.

If you missed the original and belated deadlines, you can no longer file a normal return for FY 2024-25, but you may be able to file an updated return (ITR-U) under Section 139(8A) with additional tax, subject to the conditions and time limit. It is best to check your specific position — our team can review AIS/26AS and file the correct return for you.

For FY 2024-25, a general domestic company is taxed at 30% (plus surcharge and 4% cess). Companies opting into Section 115BAA pay 22% with no exemptions, and eligible new manufacturing companies under Section 115BAB pay 15% where production commenced before 31 March 2024. Foreign companies are taxed at 40%.