For FY 23-24 (AY 24-25), the Income tax rate slabs – ‘Old vs New’ for Individual, HUF, senior citizen, super senior citizen and Surcharge has been covered in this post. The new income tax rate is same for all individual like ‘individual below 60 years of age’, for senior citizen between 60 to 80 years of age and for super senior citizen of more than 80 years.
Major Contents in the Post: (Jump to the Section)
- For FY 23-24 (AY 24-25) comparison of Old vs New New Income Tax slab
- Income tax rate slab for people below 60 years of age
- Income tax rate slab for Senior citizen, aged 60 to 80 years old
- Income tax rate slab for Super Senior citizen, above 80 years old
- Surcharge rate slabs of income tax for additional income
- Income tax rate slabs for Domestic companies, Partnership firms , Local Authority , Co-operative societies , Foreign companies
Every year in the General budget, the main focus of people remains on the income tax slabs. So, for FY 20-21 onward, Finance minister has introduced one new option for income tax calculation along with the Old one. In new option, FM has reduced the income tax in some slab. Income tax rate slab for Individual, HUF, senior citizen, super senior citizen, domestic company, Co-operative Society and Surcharge on higher incomes are given below.
Since FY 20-21, taxpayer can choose between two options: ‘Old Income Tax slab’ vs ‘New Income Tax slab’:
- Old Income Tax slab: Old one with no change in income tax rate slabs in comparison to FY 19-20. Here you can claim deductions on savings like LIC, Post office deposits, provident funds, deduction on home loan interest HRA, NPS etc.
- New Income Tax slab: New reduced income tax rate, but without claiming any deductions except for deduction u/s 80CCD (2).
So, which one is beneficial to choose from both income tax rate slab? The option once exercised under new option cannot be subsequently withdrawn for the old or last option. In Excel calculator of Income tax, you can calculate both the tax and their difference tax amount. This will help you in deciding to choose the right tax rate slab.
Excel Income tax calculator for FY 23-24, for Old and New tax slabs
Income tax table for the resident Indian has 3 parts:
- Individual less than 60 years of age or HUF.
- Senior citizen, between 60 to 80 years of age.
- Super senior citizen, 80 years or more.
Important point to note : The new income tax rate is same for all individual like ‘individual below 60 years of age’, for senior citizen between 60 to 80 years of age and for super senior citizen of more than 80 years.
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FY 23-24 (AY 24-25) Income tax rate slabs (Old vs New) – for resident Individuals below 60 years of age and HUF:
For individuals (resident or non-resident) below 60 years of age and for Hindu Undivided Family (Including AOP, BOI and Artificial Juridical Person), the Income tax slabs table is presented below. Both income tax rate, Old IT rate slab and New IT rate slab are shown for comparison purpose. On the total tax amount with surcharge, additional ‘Health and Education Cess’ at 4% will be added for all the taxpayers.
| Income Earned | Income Tax rate (%) Old Option | Income Tax rate (%) – NEW Option (FY 23-24 onward) |
| Up to 2.5 Lakh | 0 % | 0 % |
| 2.5 Lakh – 3 Lakh | 5 % | 0 % |
| 3 Lakh – 5 Lakh | 5 % | 5 % |
| 5 Lakh – 6 Lakh | 20 % | 5 % |
| 6 Lakh – 9 Lakh | 20 % | 10 % |
| 9 Lakh – 10 Lakh | 20 % | 15 % |
| 10 Lakh – 12 Lakh | 30 % | 15 % |
| 12 Lakh – 15 Lakh | 30 % | 20 % |
| more than 15 Lakh | 30 % | 30 % |
FY 23-24 (AY 24-25) Income tax rate slabs (Old vs New) – for ‘Senior citizen’ between 60 and 80 years of age:
For Senior citizen (resident or non-resident) between 60 years and 80 years of age, the tax slabs table is presented below. Both income tax rate, Old IT rate slab and New IT rate slab are shown for comparison purpose. On the tax amount with surcharge, additional ‘Health and Education Cess’ at 4% will be added for all the taxpayers.
| Income Earned | Income Tax rate (%) Old Option | Income Tax rate (%) – NEW Option (FY 23-24 onward) |
| Up to 2.5 Lakh | 0 % | 0 % |
| 2.5 Lakh – 3 Lakh | 5 % | 0 % |
| 3 Lakh – 5 Lakh | 5 % | 5 % |
| 5 Lakh – 6 Lakh | 20 % | 5 % |
| 6 Lakh – 9 Lakh | 20 % | 10 % |
| 9 Lakh – 10 Lakh | 20 % | 15 % |
| 10 Lakh – 12 Lakh | 30 % | 15 % |
| 12 Lakh – 15 Lakh | 30 % | 20 % |
| more than 15 Lakh | 30 % | 30 % |
FY 23-24 (AY 24-25) Income tax rate slabs (Old vs New) – for ‘Super senior citizen’ of 80 years of age or more:
For Super senior citizen (resident or non-resident), 80 years of age or more, the tax slabs table is presented below. Both income tax rate, Old IT rate slab and New IT rate slab are shown for comparison purpose. Here, the exemption of Rs. 5 lakh is allowed. On the tax amount with surcharge, additional ‘Health and Education Cess’ at 4% will be added for all the taxpayers.
| Income Earned | Income Tax rate (%) Old Option | Income Tax rate (%) – NEW Option (FY 23-24 onward) |
| Up to 2.5 Lakh | 0 % | 0 % |
| 2.5 Lakh – 3 Lakh | 5 % | 0 % |
| 3 Lakh – 5 Lakh | 5 % | 5 % |
| 5 Lakh – 6 Lakh | 20 % | 5 % |
| 6 Lakh – 9 Lakh | 20 % | 10 % |
| 9 Lakh – 10 Lakh | 20 % | 15 % |
| 10 Lakh – 12 Lakh | 30 % | 15 % |
| 12 Lakh – 15 Lakh | 30 % | 20 % |
| more than 15 Lakh | 30 % | 30 % |
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Surcharge rate slabs on additional income for FY 23-24 (AY 24-25):
Surcharge is levied on the amount of income-tax at following rates if total income of a taxpayer exceeds specified limits.
| Range of Income | Surcharge rate (%) |
| Above Rs. 50 Lakhs – up to Rs. 1 Crore | 10 % |
| Above Rs. 1 Crore- up to Rs. 2 Crore | 15 % |
| Above Rs. 2 Crore- up to Rs. 5 Crore | 25 % |
| Above Rs. 5 Crore | 25 % |
| Maximum rate of surcharge by Dividend income and u/s 111A. 112A, 115AD | 15 % |
Domestic company’ Income tax rate slabs for FY 23-24 (AY 24-25):
Income tax rates of domestic companies for FY 23-24 (AY 24-25) are as follows:
| Range of Income | Income Tax rate (%) OLD | Income Tax rate (%) NEW |
| If total turnover or gross receipt during the previous year does not exceed Rs. 400 crore | 25 % | 25 % |
| Any other domestic company | 30 % | 30 % |
| Where it opted for section 115BA | 25 % | 25 % |
| Where it opted for Section 115BAA | 22 % | 22 % |
| Where it opted for Section 115BAB | 15 % | 15 % |
Partnership Firm Income tax rate for FY 23-24 (AY 24-25):
- For the Assessment Year FY 23-24 (AY 24-25), a partnership firm (including LLP) is taxable at 30%.
- Surcharge : 12% of income tax, where total income exceeds 1 Cr rupees.
Local Authority Income tax rate for FY 23-24 (AY 24-25):
- For the Assessment Year FY 23-24 (AY 24-25), a local authority is taxable at 30%.
- Surcharge : 12% of income tax, where total income exceeds one Crore rupees.
Foreign Company Income tax rate for FY 23-24 (AY 24-25):
- For the Assessment Year FY 23-24 (AY 24-25), a Foreign Company is taxable at 50 % and 40 % respectively.
- Surcharge : 2 % of income tax, where total income exceeds one Crore rupees.
- Surcharge : 5 % of income tax, where total income exceeds ten Crore rupees.
Co-operative Society Income tax rate for FY 23-24 (AY 24-25):
| Range of Income | Income Tax rate (%) – NEW | Income Tax rate (%) Old Option |
| Up to Rs. 10,000 | 22 % | 10 % |
| Rs. 10,000 to Rs. 20,000 | 22 % | 20 % |
| Above Rs. 20,000 | 22 % | 30 % |
| Surcharge | 10 % | 12 %, if total income exceeds 1 crore |
Disclaimer: Kindly consult Income tax official website https://www.incometax.gov.in/home or financial consultant for any clarity.