For FY 2024-25 (AY 2025-26) the new tax regime was the default. New-regime slabs: Nil up to ₹3L; 5% for ₹3–7L; 10% for ₹7–10L; 15% for ₹10–12L; 20% for ₹12–15L; 30% above ₹15L. The Section 87A rebate of ₹25,000 made tax nil for income up to ₹7 lakh, with a ₹50,000 standard deduction for the salaried. The old regime (2.5L/5L/10L slabs with Chapter VI-A deductions) stayed available on opt-in.
This page preserves the slabs and limits that applied for FY 2024-25 (AY 2025-26). They are not the current-year rates — 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, see the latest income tax slabs.
Below are the full FY 2024-25 slab tables for both regimes, the standard deduction and rebate position, the Budget 2024 capital-gains changes and the corporate rates that applied for the year — kept exactly as legislated by the Finance Act 2024.
New Tax Regime Slabs — FY 2024-25
The new regime under Section 115BAC was the default for FY 2024-25. Fewer deductions, lower slab rates and a ₹50,000 standard deduction for the salaried.
| Income Slab | Tax Rate | Tax on Slab |
|---|---|---|
| Up to ₹3,00,000 | Nil | ₹0 |
| ₹3,00,001 – ₹7,00,000 | 5% | Up to ₹20,000 |
| ₹7,00,001 – ₹10,00,000 | 10% | Up to ₹30,000 |
| ₹10,00,001 – ₹12,00,000 | 15% | Up to ₹30,000 |
| ₹12,00,001 – ₹15,00,000 | 20% | Up to ₹60,000 |
| Above ₹15,00,000 | 30% | 30% of income above ₹15L |
FY 2024-25 (AY 2025-26) new-regime slabs as per the Finance Act 2024. Plus 4% health & education cess; surcharge capped at 25%.
- Standard deduction ₹50,000 for salaried and pensioners (raised to ₹75,000 only from FY 2025-26).
- Section 87A rebate ₹25,000 — tax nil for total income up to ₹7 lakh.
- Surcharge capped at 25% in the new regime (the 37% surcharge did not apply).
- Family-pension standard deduction ₹15,000.
Want the current-year computation instead? Use the latest calculator.
Income Tax Calculator 2025-26 →Old Tax Regime Slabs — FY 2024-25
The old regime stayed available on opt-in for FY 2024-25, keeping all Chapter VI-A deductions and exemptions such as 80C, 80D, HRA and home-loan interest.
| Income Slab | Tax Rate | Notes |
|---|---|---|
| Up to ₹2,50,000 | Nil | Basic exemption |
| ₹2,50,001 – ₹5,00,000 | 5% | 87A rebate up to ₹5L |
| ₹5,00,001 – ₹10,00,000 | 20% | — |
| Above ₹10,00,000 | 30% | Plus surcharge (up to 37%) |
Senior citizens (60–80) basic exemption ₹3L; super-senior (80+) ₹5L. Plus 4% cess. Standard deduction ₹50,000 for salaried.
- All deductions available — Section 87A (₹12,500 up to ₹5L), 80C (₹1.5L), 80D, HRA, LTA, Section 24 home-loan interest, 80E, 80G.
- Standard deduction of ₹50,000 for salaried and pensioners, same as the new regime that year.
- Generally better only when total deductions and exemptions were large.
New vs Old Regime — FY 2024-25
New regime — default
- Nil up to ₹3L; 87A to ₹7L
- Standard deduction ₹50,000
- No 80C / 80D / HRA
- Surcharge capped at 25%
- Better for low deductions or income ≤ ₹7.5L
Old regime — opt-in
- Nil up to ₹2.5L; 87A to ₹5L
- Standard deduction ₹50,000
- 80C ₹1.5L + 80D + Section 24 + HRA
- Surcharge up to 37%
- Better when deductions were large
New regime suited you if
- You had few or no deductions to claim
- Income was around ₹7.5 lakh or below
- You wanted simpler filing without proofs
Old regime suited you if
- You claimed 80C, 80D, HRA and home-loan interest
- Total deductions exceeded roughly ₹3.75 lakh at ₹15L income
- You had significant Section 24 interest
Compare both regimes on your own numbers.
Old vs New Regime Calculator →Capital Gains Changes — Effective 23 July 2024
Budget 2024 restructured capital-gains taxation from 23 July 2024, within FY 2024-25. These rates applied for the year:
| Asset Type | Before 23 Jul 2024 | From 23 Jul 2024 |
|---|---|---|
| LTCG — listed equity / equity MF | 10% above ₹1L | 12.5% above ₹1.25L |
| STCG — listed equity / equity MF | 15% | 20% |
| LTCG — property (land/building) | 20% with indexation | 12.5% without indexation (or 20% with indexation if acquired before 23 Jul 2024) |
| Holding period — listed equity | 12 months | 12 months (unchanged) |
| Holding period — property | 36 months | 24 months |
| Debt MF (bought after Apr 2023) | As per slab | As per slab (unchanged) |
Capital-gains rates as changed by the Finance (No. 2) Act 2024, applicable for transfers on or after 23 July 2024.
The ₹25,000 rebate under Section 87A applied only to normal income tax — not to special-rate taxes such as LTCG under Section 112A or STCG under Section 111A. Even with total income below ₹7 lakh, capital-gains tax was not offset by the 87A rebate for FY 2024-25.
Corporate & Other Rates — FY 2024-25
| Entity | Rate | Notes |
|---|---|---|
| Domestic company (general) | 30% | Plus surcharge & cess |
| Domestic company (115BAA) | 22% | No MAT; no exemptions |
| New manufacturing company (115BAB) | 15% | Commenced production before 31 Mar 2024 |
| Foreign company | 40% | Plus surcharge & cess |
| Health & education cess | 4% | On tax + surcharge |
Rates for FY 2024-25 (AY 2025-26). See the current-year position at /corporate-tax-rate.
For FY 2024-25 returns filed now, the new regime applies unless you opted out in time. If you had large deductions, check whether a valid old-regime option was exercised — for salaried taxpayers this is chosen at filing, but business income (ITR-3/4) needed Form 10-IEA. Our CAs compute both before filing your return.
Income Tax FY 2024-25 — FAQs
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