🧾 Income Tax Slabs FY 2024–25: Old vs New Regime Explained
Understanding the Income tax slabs FY 2024–25 is essential for Indian taxpayers. Choosing between the old and new regime impacts how much tax you pay. This guide explains the latest slab rates for FY 2024–25 and helps you decide which system fits your financial situation.
🔄 New Income Tax Slabs for FY 2024–25
The new income tax regime has become the default from FY 2023–24 onward. It offers lower tax rates but removes most deductions.
🧮 New Regime: Income Tax Slabs FY 2024–25
| Income Range (₹) | Tax Rate |
|---|---|
| 0 – 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% |
Key Highlights:
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₹50,000 standard deduction allowed
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Section 87A rebate: No tax if income ≤ ₹7 lakh
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No exemptions for HRA, 80C, or LTA
This new system of income tax slabs FY 2024–25 is great for people with minimal investments or deductions.
🏛️ Old Income Tax Slabs for FY 2024–25
If you prefer to claim tax-saving deductions, the old regime might be more beneficial.
🧮 Old Regime: Income Tax Slabs FY 2024–25 (Age < 60)
| Income Range (₹) | Tax Rate |
|---|---|
| 0 – 2,50,000 | Nil |
| 2,50,001 – 5,00,000 | 5% |
| 5,00,001 – 10,00,000 | 20% |
| Above 10,00,000 | 30% |
Older Individuals:
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People aged 60–79: Exemption up to ₹3 lakh
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People aged 80+: Exemption up to ₹5 lakh
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Rebate under Section 87A: Available up to ₹5 lakh
If you claim deductions under sections like 80C, 80D, NPS, or home loan interest, these Income Tax Slabs FY 2024–25: Old vs New Regime Explained under the old regime could save you more.
⚖️ Old vs New Regime: Which One Should You Choose?
| Feature | Old Regime | New Regime |
|---|---|---|
| Tax Rates | Higher | Lower |
| Deductions Allowed | Yes (80C, HRA, etc.) | No |
| Standard Deduction | Yes | Yes |
| Ideal For | High-investment individuals | Simple income earners |
Use a government-approved tax calculator to compare both regimes using your actual income and deductions.
📝 Final Words on Income Tax Slabs FY 2024–25
The Income tax slabs FY 2024–25 offer flexibility through two different regimes. Your choice should depend on your income structure and eligible deductions. Evaluate both options before filing your return to optimize your tax liability legally.
🔑 Key Takeaways
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Use Section 87A rebate to reduce tax to zero
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Compare old and new regimes annually
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Claim full deductions if choosing old regime
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Use official calculators to estimate tax