Income Tax Slab for FY 2024-25 —
AY 2025-26 Rates
The Budget 2024 new-regime slabs, old-regime rates, the Rs75,000 standard deduction, the Section 87A rebate and worked tax examples for FY 2024-25 (AY 2025-26).
For FY 2024-25 (AY 2025-26), the new regime (default) taxes income at Nil up to Rs3 lakh, 5% for Rs3-7L, 10% for Rs7-10L, 15% for Rs10-12L, 20% for Rs12-15L and 30% above Rs15L. The standard deduction is Rs75,000 and the Section 87A rebate makes tax Nil up to Rs7 lakh net income. The old regime (optional) keeps 2.5L/5%/20%/30% slabs with Chapter VI-A deductions.
These slabs apply to income earned in FY 2024-25 (1 Apr 2024 - 31 Mar 2025), assessed in AY 2025-26 — useful for belated/updated returns and comparisons. The current year is FY 2025-26 (AY 2026-27), where the new regime gives nil tax up to Rs12 lakh (about Rs12.75L salaried). See the current income tax slabs.
Income Tax Slabs FY 2024-25 — New Regime
Budget 2024 (presented 23 July 2024) restructured the default new-regime slabs for FY 2024-25 and raised the standard deduction to Rs75,000. Rates below are before 4% cess.
| Net Taxable Income | Tax Rate | Notes |
|---|---|---|
| Up to Rs3,00,000 | Nil | Basic exemption |
| Rs3,00,001 - Rs7,00,000 | 5% | 87A makes this nil up to Rs7L |
| Rs7,00,001 - Rs10,00,000 | 10% | — |
| Rs10,00,001 - Rs12,00,000 | 15% | — |
| Rs12,00,001 - Rs15,00,000 | 20% | — |
| Above Rs15,00,000 | 30% | Plus surcharge if applicable |
Add 4% health & education cess on tax. Standard deduction Rs75,000 (salary/pension). New regime is the default from FY 2023-24 onwards.
Income Tax Slabs FY 2024-25 — Old Regime
The old regime was unchanged in Budget 2024. You may still opt for it to claim deductions such as 80C, 80D, HRA and home-loan interest.
| Net Taxable Income | Tax Rate | Notes |
|---|---|---|
| Up to Rs2,50,000 | Nil | Rs3L for 60-80 yrs; Rs5L for 80+ |
| Rs2,50,001 - Rs5,00,000 | 5% | 87A makes this nil up to Rs5L |
| Rs5,00,001 - Rs10,00,000 | 20% | — |
| Above Rs10,00,000 | 30% | Plus surcharge if applicable |
Old-regime standard deduction Rs50,000; Chapter VI-A deductions available; add 4% cess.
New Regime vs Old Regime — FY 2024-25
The new regime is the default for FY 2024-25. The old regime is opt-in and only wins if your deductions are large.
New Regime (default) — FY 2024-25
- Wider slabs: nil up to Rs3L
- Standard deduction Rs75,000
- 87A rebate — nil tax up to Rs7L net
- Almost no other deductions (80CCD(2) NPS allowed)
- Best when deductions are low
Old Regime (optional) — FY 2024-25
- Slabs: nil to Rs2.5L, then 5/20/30%
- Standard deduction Rs50,000
- 87A rebate — nil tax up to Rs5L
- 80C, 80D, HRA, home-loan interest allowed
- Best when deductions are high
Not sure which regime saves you more for FY 2024-25?
Compare regimes →Budget 2024 — Key Income Tax Changes
- New-regime slabs revised — the 3-7L band widened and the nil slab stayed at Rs3L, cutting tax for most salaried taxpayers.
- Standard deduction raised to Rs75,000 under the new regime (Rs50,000 under old).
- Section 87A rebate stayed at Rs25,000 — nil tax up to Rs7 lakh net income in the new regime.
- Employer NPS deduction under Section 80CCD(2) raised from 10% to 14% of salary in the new regime.
- Capital gains reset — LTCG on equity/MF up to 12.5% (exemption Rs1.25 lakh); STCG on equity up to 20%.
For FY 2024-25 a salaried person with gross salary up to Rs7.75 lakh pays zero tax under the new regime (Rs75,000 standard deduction brings net income to Rs7 lakh, then the 87A rebate wipes out the tax).
Tax Computation — FY 2024-25 (New Regime)
How the FY 2024-25 new-regime slabs add up on typical salaries, after the Rs75,000 standard deduction. Figures include 4% cess.
Salary Rs10,00,000
Salary Rs15,00,000
| Gross Salary | Std Deduction | Net Income | Tax + 4% Cess |
|---|---|---|---|
| Rs5,00,000 | Rs75,000 | Rs4,25,000 | Rs0 (87A) |
| Rs7,75,000 | Rs75,000 | Rs7,00,000 | Rs0 (87A) |
| Rs10,00,000 | Rs75,000 | Rs9,25,000 | Rs44,200 |
| Rs15,00,000 | Rs75,000 | Rs14,25,000 | Rs1,27,400 |
| Rs20,00,000 | Rs75,000 | Rs19,25,000 | Rs2,83,400 |
87A rebate FY 2024-25: up to Rs25,000 when net income is Rs7 lakh or less — tax becomes nil. Indicative only.
Want the exact tax on your income for FY 2024-25?
Open the tax calculator →Old or New Regime for FY 2024-25?
The new regime is the default; you actively opt for the old regime (Form 10-IEA if you have business income). Rough break-even: the old regime only beats the new when your total deductions cross about Rs3.5-4 lakh.
New regime suits you if
- You have few or no deductions
- You rent-free or claim little HRA
- You want simpler filing
- Your salary is up to about Rs7.75 lakh (nil tax)
Old regime may win if
- You claim full 80C (Rs1.5L) + 80D
- You have significant HRA
- You pay large home-loan interest (up to Rs2L)
- Total deductions cross ~Rs3.5-4 lakh
Note: from AY 2026-27 the Income-tax Act, 2025 replaces the 1961 Act with renumbered sections — the FY 2024-25 return is still filed under the 1961 Act. Read our Income-tax Act 2025 guide.
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File belated ITR →Income Tax Slab FY 2024-25 — FAQs
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