Income Tax Slab 2024-25 — FY 2024-25 (AY 2025-26) Tax Rates
Updated: 3 June 2026 | Budget 2024 Revised Slabs | New & Old Regime
For FY 2024-25 (AY 2025-26), Budget 2024 revised the new tax regime slabs. New regime standard deduction increased to ₹75,000. Zero tax up to ₹7 lakh net income under new regime (87A rebate). Old regime slabs remain unchanged. New regime is the default from FY 2024-25.
New Tax Regime (FY 2024-25)
| Income | Rate |
|---|---|
| Up to ₹3 lakh | Nil |
| ₹3L – ₹7L | 5% |
| ₹7L – ₹10L | 10% |
| ₹10L – ₹12L | 15% |
| ₹12L – ₹15L | 20% |
| Above ₹15L | 30% |
+ 87A rebate: zero tax if income ≤ ₹7L
Standard deduction: ₹75,000
Standard deduction: ₹75,000
Old Tax Regime (FY 2024-25)
| Income | Rate |
|---|---|
| Up to ₹2.5 lakh | Nil |
| ₹2.5L – ₹5L | 5% |
| ₹5L – ₹10L | 20% |
| Above ₹10L | 30% |
+ 87A rebate: zero tax if income ≤ ₹5L
Standard deduction: ₹50,000
Deductions: 80C, 80D, HRA, etc.
Standard deduction: ₹50,000
Deductions: 80C, 80D, HRA, etc.
Budget 2024
New regime made more attractive: lower slabs + ₹75K std deduction + 14% NPS employer exemption.
FY 2025-26 (current year) has further improved slabs: zero tax up to ₹12.75L. See Tax Slabs 2025-26.
FY 2025-26 (current year) has further improved slabs: zero tax up to ₹12.75L. See Tax Slabs 2025-26.
Tax Calculation Examples — FY 2024-25 (New Regime)
| Gross Salary | Std Deduction | Net Income | Tax (before cess) | Final Tax (+ 4% cess) |
|---|---|---|---|---|
| ₹5,00,000 | ₹75,000 | ₹4,25,000 | ₹6,250 | ₹6,500 → 87A = 0* |
| ₹7,75,000 | ₹75,000 | ₹7,00,000 | ₹25,000 | ₹0 (87A rebate)** |
| ₹10,00,000 | ₹75,000 | ₹9,25,000 | ₹42,500 | ₹44,200 |
| ₹15,00,000 | ₹75,000 | ₹14,25,000 | ₹1,22,500 | ₹1,27,400 |
| ₹20,00,000 | ₹75,000 | ₹19,25,000 | ₹2,72,500 | ₹2,83,400 |
*87A rebate FY 2024-25: ₹25,000 for income ≤ ₹7L. **₹7L income: tax = ₹25K → rebate ₹25K → zero tax.
Frequently Asked Questions
What are the income tax slabs for FY 2024-25 (AY 2025-26)?
New Regime slabs for FY 2024-25 (Budget 2024 revised): 0-3 lakh: Nil; 3-7 lakh: 5%; 7-10 lakh: 10%; 10-12 lakh: 15%; 12-15 lakh: 20%; Above 15 lakh: 30%. Old Regime slabs (unchanged): 0-2.5L: Nil; 2.5-5L: 5%; 5-10L: 20%; Above 10L: 30%. Budget 2024 (July) revised new regime slab structure: shifted lower slabs, making new regime more attractive. New regime is default from FY 2024-25.
What changed in Budget 2024 for income tax?
Budget 2024 (Union Budget presented July 23, 2024, effective FY 2024-25): New regime revised slabs (from old ₹0-6L@nil to new ₹0-3L@nil, making middle slabs wider); Standard deduction increased from ₹50,000 to ₹75,000 under new regime; Section 87A rebate remains ₹25,000 (income ≤ ₹7L net: no tax in new regime); NPS employer contribution exemption increased (Section 80CCD(2)) from 10% to 14% of salary; LTCG equity/MF rate increased from 10% to 12.5%; LTCG exemption increased from ₹1L to ₹1.25L; STCG equity raised from 15% to 20%.
What is the tax on ₹10 lakh income for FY 2024-25?
FY 2024-25, ₹10L salary income (new regime): Gross salary ₹10L − standard deduction ₹75K = taxable income ₹9.25L. Tax: 0-3L = 0; 3-7L = ₹20,000 (5%); 7-9.25L = ₹22,500 (10%). Total tax = ₹42,500 + cess 4% = ₹44,200. Note: 87A rebate only applies if net income ≤ ₹7L — at ₹9.25L, no rebate. For ₹10L with ₹75K standard deduction = ₹9.25L → full tax applies. Compare to FY 2025-26: zero tax up to ₹12.75L (slab restructure + rebate increased in Budget 2025).
Should I file ITR under old or new regime for FY 2024-25?
For FY 2024-25: New regime is better if you have limited deductions. Old regime wins only if total deductions exceed roughly ₹3.5-4L (including HRA, 80C ₹1.5L, 80D ₹50K, home loan ₹2L, 80CCD ₹50K). Quick rule: income ₹10L — old regime needs ₹3.5L+ deductions to match new regime. Income ₹15L — old regime needs ₹4.5L+ deductions. If you don't reach these deduction thresholds, new regime saves more tax. Use TaxClue's income tax calculator for exact comparison.
What was the ITR filing deadline for FY 2024-25 (AY 2025-26)?
ITR filing deadline for FY 2024-25 (AY 2025-26): Non-audit individuals: 31 July 2025 (original deadline); Businesses requiring audit: 31 October 2025; Partners of firms requiring audit: 31 October 2025. If you missed 31 July 2025, you could file a belated return up to 31 December 2025 with ₹5,000 late fee (₹1,000 if income ≤ ₹5L). If you still need to file for FY 2024-25, file now as a belated/late return — some tax + interest + fees may apply.
Related Pages
◆ Available in 71 Cities
Income Tax Slab 2024 25 Near You
Expert CA/CS assistance for income tax slab 2024 25 across India. Click your city for local details.
→
New Delhi
→
Mumbai
→
Bengaluru (Bangalore)
→
Hyderabad
→
Chennai
→
Kolkata
→
Pune
→
Ahmedabad
→
Noida (UP)
→
Gurgaon (Gurugram)
→
Jaipur
→
Lucknow
→
Chandigarh
→
Surat
→
Kochi (Cochin)
→
Faridabad
→
Ghaziabad
→
Greater Noida
→
Panipat
→
Sonipat
→
Manesar (IMT)
→
Dharuhera
→
Mathura
→
Palwal
→
Agra
→
Kosi Kalan
→
Aligarh
→
Khair
→
Jewar (Noida International Airport)
→
Kanpur
→
Varanasi (Kashi)
→
Prayagraj (Allahabad)
→
Meerut
→
Bareilly
→
Moradabad
→
Gorakhpur
→
Firozabad
→
Saharanpur
→
Muzaffarnagar
→
Bulandshahr
→
Hapur
→
Karnal
→
Kurukshetra
→
Ambala
→
Hisar
→
Rohtak
→
Yamunanagar
→
Rewari
→
Bhiwani
→
Jodhpur
→
Udaipur
→
Kota
→
Ajmer
→
Bikaner
→
Ludhiana
→
Amritsar
→
Jalandhar
→
Patiala
→
Mohali (SAS Nagar)
→
Bathinda
→
Dehradun
→
Haridwar
→
Rudrapur
→
Shimla
→
Solan (Baddi-Barotiwala-Nalagarh)
→
Bhopal
→
Indore
→
Gwalior
→
Jammu
→
Srinagar
→
Panchkula