Income Tax Slabs · FY 2023-24 · Historical
Income Tax Slab FY 2023-24
(AY 2024-25)
The historical new and old regime slabs for FY 2023-24 (AY 2024-25) as set by Budget 2023 — the ₹25,000 Section 87A rebate, the ₹50,000 standard deduction and every Budget 2023 change. For the current year see our latest income tax slabs.
Historical · AY 2024-25 As per Budget 2023 Verified vs incometax.gov.in
₹7LZero tax up to (new)
₹25,00087A rebate
₹50,000Standard deduction
30%Top slab above ₹15L
Quick Answer · Historical (AY 2024-25)
For FY 2023-24 (AY 2024-25), the new regime (default) slabs were: up to ₹3L Nil, ₹3-6L 5%, ₹6-9L 10%, ₹9-12L 15%, ₹12-15L 20% and above ₹15L 30%. A Section 87A rebate of ₹25,000 made tax nil for income up to ₹7 lakh. The old regime (opt-in) kept 2.5L/5%/20%/30% slabs with full deductions.
New regime nil Up to ₹3L
Zero tax up to ₹7L
Standard deduction ₹50,000
Old regime nil Up to ₹2.5L
This is a historical (past-year) page
These slabs apply to FY 2023-24 / AY 2024-25 only, as fixed by Budget 2023. They are not the current rates — from FY 2025-26 the new-regime nil slab is ₹4L and the 87A rebate makes tax nil up to ₹12L taxable income. See our current income tax slabs for the latest position.
Historical · AY 2024-25
FY 2023-24 Income Tax Slabs — New Regime
New regime (Section 115BAC) slabs for FY 2023-24, as revised by Budget 2023. This was the default regime from this year — the old regime needed an explicit opt-in.
| Income Slab | Rate | Notes |
|---|---|---|
| Up to ₹3,00,000 | Nil | Basic exemption |
| ₹3,00,001 – ₹6,00,000 | 5% | 5% slab starts at ₹3L (was ₹2.5L) |
| ₹6,00,001 – ₹9,00,000 | 10% | — |
| ₹9,00,001 – ₹12,00,000 | 15% | — |
| ₹12,00,001 – ₹15,00,000 | 20% | — |
| Above ₹15,00,000 | 30% | Top slab |
Plus 4% health & education cess. Section 87A rebate ₹25,000 → tax nil for total income up to ₹7,00,000. Standard deduction ₹50,000 (salary/pension).
Opt-in
FY 2023-24 Old Regime Slabs
| Income Slab | Rate | Notes |
|---|---|---|
| Up to ₹2,50,000 | Nil | ₹3L for age 60-80; ₹5L for 80+ |
| ₹2,50,001 – ₹5,00,000 | 5% | 87A rebate ₹12,500 up to ₹5L |
| ₹5,00,001 – ₹10,00,000 | 20% | — |
| Above ₹10,00,000 | 30% | Top slab |
Old regime keeps Chapter VI-A deductions — 80C (₹1.5L), 80D, HRA, LTA, home-loan interest (Sec 24) etc. Standard deduction ₹50,000. Plus 4% cess.
The core choice
New vs Old Regime — FY 2023-24
For FY 2023-24, the new regime became the default. It suited taxpayers with few deductions; the old regime paid off once total deductions crossed roughly ₹3.75 lakh at ₹15L income.
New
New regime (default) — lower rates, no deductions
- Nil up to ₹3L; zero tax up to ₹7L via 87A
- Standard deduction ₹50,000 (from FY 2023-24)
- No 80C / HRA / home-loan deductions
- Best when investments & rent are modest
- Family pension deduction ₹15,000 also allowed
vs
Old
Old regime (opt-in) — full deductions
- Nil up to ₹2.5L; 87A up to ₹5L
- 80C ₹1.5L, 80D, HRA, LTA, Sec 24 (₹2L)
- Senior 60-80 exemption ₹3L; 80+ exemption ₹5L
- Best with home loan + large HRA + 80C
- Requires explicit opt-in in the ITR
Not sure which regime saved you more for FY 2023-24?
Compare regimes →Worked examples
FY 2023-24 New Regime — Tax Computation
Salary ₹7,50,000 — zero tax
Taxable (after ₹50k SD)₹7,00,000
Tax before rebate₹25,000
87A rebate−₹25,000
Tax payable₹0
Salary ₹15,50,000
Taxable (after ₹50k SD)₹15,00,000
Tax on slabs₹1,50,000
Add 4% cess₹6,000
Tax payable₹1,56,000
| Gross Salary | Taxable Income | Tax Before Rebate | Tax Payable (incl. cess) |
|---|---|---|---|
| ₹5,00,000 | ₹4,50,000 | ₹7,500 | ₹0 · 87A |
| ₹7,50,000 | ₹7,00,000 | ₹25,000 | ₹0 · 87A |
| ₹8,00,000 | ₹7,50,000 | ₹27,500 | ₹28,600 |
| ₹10,00,000 | ₹9,50,000 | ₹37,500 | ₹39,000 |
| ₹12,00,000 | ₹11,50,000 | ₹65,000 | ₹67,600 |
| ₹15,00,000 | ₹14,50,000 | ₹1,12,500 | ₹1,17,000 |
| ₹20,00,000 | ₹19,50,000 | ₹2,62,500 | ₹2,73,000 |
New regime, FY 2023-24, salaried (₹50,000 standard deduction applied). Cess at 4%. Indicative — verify with the official calculator.
What changed
Budget 2023 Key Changes (Effective FY 2023-24)
| What Changed | Before (FY 2022-23) | From FY 2023-24 |
|---|---|---|
| New regime | Optional, higher rates | Default · revised lower slabs |
| 87A rebate (new) | ₹12,500 for ≤ ₹5L | ₹25,000 for ≤ ₹7L |
| Standard deduction (new) | Not available | ₹50,000 extended |
| Surcharge above ₹5cr | 37% | 25% (new regime) |
| Family pension deduction | Only old regime | ₹15,000 in new regime too |
| Leave encashment exemption | ₹3,00,000 | ₹25,00,000 (non-govt) |
How it evolved
FY 2023-24 vs Later Years — New Regime
| Feature | FY 2023-24 | FY 2024-25 | FY 2025-26 |
|---|---|---|---|
| Nil slab (new regime) | 0-3L | 0-3L | 0-4L |
| 87A rebate limit | ₹7L | ₹7L | ₹12L |
| 87A rebate amount | ₹25,000 | ₹25,000 | ₹60,000 |
| Standard deduction (new) | ₹50,000 | ₹75,000 | ₹75,000 |
| Zero tax up to (salary) | ₹7.5L | ₹7.75L | ₹12.75L |
| Top slab starts | ₹15L | ₹15L | ₹24L |
For the latest year, see /income-tax-slabs and /income-tax-slab-2025-26.
Still filing?
FY 2023-24 ITR Deadlines & ITR-U
- Original due date: 31 July 2024 (non-audit individuals).
- Belated / revised return: 31 December 2024 (late fee ₹1,000 if income ≤ ₹5L, else ₹5,000).
- Updated return (ITR-U, Sec 139(8A)): can still be filed for AY 2024-25 with additional tax plus interest — see our ITR-U guide.
TaxClue Insight
The Income-tax Act, 2025 renumbered the 1961 Act from AY 2026-27, but it does not disturb the FY 2023-24 slabs above — those remain governed by the law in force for that year. If you still owe a return for AY 2024-25, file an ITR-U before the window closes.
Missed your FY 2023-24 ITR? File a late or updated return with TaxClue.
Get ITR Help →Government sourcesSlabs & regime: incometax.gov.in · New vs old regime (AY 2024-25) FAQs: incometax.gov.in · Section 87A rebate ₹25,000: Finance Act 2023, Section 115BAC · Current-year slabs: /income-tax-slabs
People also ask
FY 2023-24 Income Tax — Frequently Asked Questions
New Regime
What are the income tax slabs for FY 2023-24 under the new regime?
New regime slabs for FY 2023-24 (AY 2024-25), as revised by Budget 2023: up to ₹3 lakh Nil; ₹3L-₹6L 5%; ₹6L-₹9L 10%; ₹9L-₹12L 15%; ₹12L-₹15L 20%; above ₹15L 30%. A Section 87A rebate of ₹25,000 makes tax nil for total income up to ₹7 lakh. A ₹50,000 standard deduction was extended to the new regime from FY 2023-24, and this regime became the default.
Is income up to ₹7 lakh tax-free in FY 2023-24?
Yes, under the new regime. The Section 87A rebate of ₹25,000 for FY 2023-24 wipes out tax for a resident individual whose total income does not exceed ₹7 lakh. With the ₹50,000 standard deduction, a salaried person earning up to ₹7.5 lakh gross paid zero tax under the new regime.
Was the new regime the default for FY 2023-24?
Yes. From FY 2023-24 (AY 2024-25) the new regime under Section 115BAC became the default. Taxpayers who wanted the old regime had to opt out actively — for non-business cases this could be done each year directly in the ITR filed by the due date.
What was the standard deduction in the new regime for FY 2023-24?
₹50,000. Budget 2023 extended the ₹50,000 standard deduction (previously available only in the old regime) to the new regime from FY 2023-24 for salaried individuals and pensioners. It rose to ₹75,000 in the new regime only from FY 2024-25.
Old Regime
What are the old regime slabs for FY 2023-24?
Old regime slabs for FY 2023-24: up to ₹2.5 lakh Nil; ₹2.5L-₹5L 5%; ₹5L-₹10L 20%; above ₹10L 30%. Section 87A rebate ₹12,500 for income up to ₹5 lakh. Standard deduction ₹50,000. All deductions available — 80C (₹1.5L), 80D, HRA, LTA, home-loan interest under Section 24, etc.
What was the basic exemption for senior citizens in FY 2023-24 (old regime)?
Under the old regime, the basic exemption for a resident senior citizen (60-80 years) was ₹3,00,000 and for a super-senior citizen (80 years and above) ₹5,00,000. The new regime gives everyone a uniform ₹3 lakh nil slab with no age-based enhancement.
Can I still claim 80C and HRA for FY 2023-24?
Only if you filed (or file) FY 2023-24 under the old regime. The old regime allows Chapter VI-A deductions such as 80C (up to ₹1.5 lakh), 80D health insurance, HRA and home-loan interest under Section 24 (up to ₹2 lakh). The new regime disallows most of these but offers lower slab rates.
New vs Old
Which regime was better for FY 2023-24 — new or old?
The new regime was usually better when total deductions were below about ₹3.75 lakh (for ₹15L income) — limited investments, no home loan, modest rent. The old regime won when you had ₹1.5L of 80C, large metro HRA and home-loan interest, easily crossing ₹3-4 lakh of deductions. It is worth computing both; use our old-vs-new calculator.
What surcharge applied for FY 2023-24?
Surcharge applied above ₹50 lakh income: 10% (₹50L-₹1cr), 15% (₹1cr-₹2cr), 25% (₹2cr-₹5cr) and 37% above ₹5cr under the old regime. Budget 2023 capped the top surcharge at 25% under the new regime, so the highest effective rate fell from about 42.7% to about 39%.
Budget 2023
What changed in the new tax regime in Budget 2023 for FY 2023-24?
Budget 2023 made the new regime the default; revised its slabs (5% slab now from ₹3L, new bands up to ₹15L); raised the 87A rebate to ₹25,000 for income up to ₹7L; extended the ₹50,000 standard deduction to the new regime; allowed a ₹15,000 family-pension deduction; and cut the top surcharge from 37% to 25% under the new regime.
Did the leave encashment exemption change for FY 2023-24?
Yes. The exemption limit for leave encashment for non-government (private-sector) employees on retirement was raised from ₹3,00,000 to ₹25,00,000 with effect from FY 2023-24, in line with the higher salary levels since the earlier limit was fixed.
Filing & ITR-U
What was the deadline to file the FY 2023-24 ITR?
The original due date for FY 2023-24 (AY 2024-25) for non-audit individuals was 31 July 2024. A belated or revised return could be filed up to 31 December 2024, with a late fee of ₹1,000 (income up to ₹5L) or ₹5,000 (income above ₹5L).
Can I still file my FY 2023-24 return now?
The belated and revised windows closed on 31 December 2024, but you can still file an Updated Return (ITR-U) under Section 139(8A) for AY 2024-25, subject to additional tax and interest. See our ITR-U guide, or let the TaxClue team file it for you.
Does the Income-tax Act, 2025 change my FY 2023-24 slabs?
No. The Income-tax Act, 2025 replaced the 1961 Act with renumbered sections from AY 2026-27 onwards. It does not alter the slabs, rebate or deductions that applied for FY 2023-24 (AY 2024-25) — those remain governed by the law in force for that year.
What are the current income tax slabs now?
From FY 2025-26 (AY 2026-27) the new regime is default with a nil slab up to ₹4 lakh and a Section 87A rebate that makes tax nil up to ₹12 lakh taxable income (about ₹12.75 lakh salary after the ₹75,000 standard deduction). See our current income tax slabs page for the full latest structure.
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