1. For Resident Senior Citizens (Age above 60 Years)
| Old Tax Regime (FY 2023-24) | Rate | New Tax Regime – Sec 115BAC (FY 2023-24) | Rate |
|---|---|---|---|
| Upto ₹2,50,000 | NIL | Upto ₹3,00,000 | NIL |
| ₹2,50,001 – ₹5,00,000 | 5% | ₹3,00,001 – ₹6,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% | ₹6,00,001 – ₹9,00,000 | 10% |
| Above ₹10,00,000 | 30% | ₹9,00,001 – ₹12,00,000 | 15% |
| ₹12,00,001 – ₹15,00,000 | 20% | ||
| Above ₹15,00,000 | 30% |
1. For Resident Senior Citizens (Age above 60 Years)
| Old Tax Slab (FY 2023-24) | Rate | Tax Slab (Sec 115BAC – New Regime) | Rate |
|---|---|---|---|
| Upto ₹2,50,000 | NIL | Upto ₹3,00,000 | NIL |
| ₹2,50,001 – ₹5,00,000 | 5% | ₹3,00,001 – ₹6,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% | ₹6,00,001 – ₹9,00,000 | 10% |
| Above ₹10,00,000 | 30% | ₹9,00,001 – ₹12,00,000 | 15% |
| ₹12,00,001 – ₹15,00,000 | 20% | ||
| Above ₹15,00,000 | 30% |
| Income Tax Slab (New Regime - FY 2023-24) | Tax Rate |
|---|---|
| Up to ₹3,00,000 | NIL |
| ₹3,00,001 to ₹6,00,000 | 5% (Rebate u/s 87A up to ₹7 lakh taxable income) |
| ₹6,00,001 to ₹9,00,000 | 10% |
| ₹9,00,001 to ₹12,00,000 | 15% |
| ₹12,00,001 to ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
4% Health & Education Cess applicable on total tax.
Most deductions & exemptions are NOT allowed under the new regime.
Common exemptions/deductions NOT allowed:
Leave Travel Allowance (LTA)
House Rent Allowance (HRA)
Conveyance Allowance
Daily Allowance
Relocation Allowance
Helper Allowance
Children Education Allowance
Special Allowances
Professional Tax
Home Loan Interest (Self-occupied property)
80C, 80D, 80E etc. deductions
Points to remember:
New regime is the **default regime**; taxpayers can opt for old regime.
Business/professional taxpayers can switch back to old regime only once.
Note: Income tax varies depending on taxable income after eligible deductions (if old regime is chosen).
| Income Tax Slab | Tax Rate |
|---|---|
| Up to ₹3,00,000 | NIL |
| ₹3,00,001 – ₹6,00,000 | 5% |
| ₹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% |
No tax up to ₹3 lakh.
5% tax for income from ₹3–6 lakh.
10% tax for income from ₹6–9 lakh.
15% tax for income from ₹9–12 lakh.
20% tax for income from ₹12–15 lakh.
30% tax for income above ₹15 lakh.
Rebate u/s 87A:
– Full tax rebate available up to ₹7 lakh taxable income in new regime.
– Meaning: No tax if income ≤ ₹7 lakh (after rebate).
4% Health & Education Cess applicable on total tax.
Additional 4% cess applicable.
| Source | Amount |
|---|---|
| Salary | 6,50,000 |
| Less: Standard deduction | 6,00,000 |
| Interest Income | 50,000 |
| Gross Total | 6,50,000 |
| Less: 80C | 1,50,000 |
| Total Income | 5,00,000 |
| Tax | 12,500 |
| Rebate 87A | 12,500 |
| NIL |
| Income Slab | Tax Rate |
|---|---|
| Up to ₹5,00,000 | No Tax |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
| Slab | Rate |
|---|---|
| Up to ₹5,00,000 | No tax |
| ₹5–10 lakh | 20% |
| Above ₹10 lakh | 30% |
| Income Range | Surcharge Rate |
|---|---|
| ₹50 lakh – ₹1 crore | 10% |
| ₹1 crore – ₹2 crore | 15% |
| ₹2 crore – ₹5 crore | 25% |
| Above ₹5 crore | 37% |
| Category | Tax Rate |
|---|---|
| Turnover ≤ ₹400 crore (Previous Year 2022–23) | 25% |
| Turnover > ₹400 crore | 30% |
| Section 115BA (Manufacturing companies) | 25% |
| Section 115BAA (New Tax Regime for Companies) | 22% |
| Section 115BAB (New Manufacturing Companies) | 15% |
| Income Tax Slabs | Tax Rate |
|---|---|
| Up to ₹ 2,50,000* | Nil |
| ₹ 2,50,001 – ₹ 5,00,000 | 5% of income exceeding ₹ 2,50,000 |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹ 12,500 + 20% of income exceeding ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,12,500 + 30% of income exceeding ₹ 10,00,000 |