No changes are announced in the old tax regime in interim budget. Thus, anyone opting for the old tax regime for FY 2024-25 (April 1, 2024-March 31, 2025) will continue to calculate the income tax payable under the same tax rates as in FY 2023-24 (April 1, 2023 - March 31, 2024).
Given below are the income tax rates for FY 2024-25 (AY 2025-26), FY 2023-24 (AY 2024-25), FY 2022-23 (AY 2023-24) and FY 2021-22 (AY 2022-23) under the old tax regime. The basic exemption limit depends on the age of an individual and status of an individual under the old tax regime.
For an individual below 60 years of age, the basic exemption limit is of Rs 2.5 lakh. For senior citizens (aged 60 years and above but below 80 years) the basic income exemption limit is of Rs 3 lakh. For super senior citizens (aged 80 years and above), the basic income exemption limit is Rs 5 lakh. For non-resident individuals, the basic income exemption limit is of Rs 2.5 lakh irrespective of age.
Comparison of new vs old income tax slabs
Given below are the income tax rates for FY 2024-25 (AY 2025-26), FY 2023-24 (AY 2024-25), FY 2022-23 (AY 2023-24) and FY 2021-22 (AY 2022-23) under the old tax regime. The basic exemption limit depends on the age of an individual and status of an individual under the old tax regime.
For an individual below 60 years of age, the basic exemption limit is of Rs 2.5 lakh. For senior citizens (aged 60 years and above but below 80 years) the basic income exemption limit is of Rs 3 lakh. For super senior citizens (aged 80 years and above), the basic income exemption limit is Rs 5 lakh. For non-resident individuals, the basic income exemption limit is of Rs 2.5 lakh irrespective of age.
| Income tax slabs for individuals under old tax regime | |
| Income tax slabs (Rs) | Income tax rates (%) |
| From 0 to 2,50,000 | 0 |
| From 2,50,001 to 5,00,000 | 5 |
| From 5,00,001 to 10,00,000 | 20 |
| From 10,00,001 and above | 30 |
| Income tax slabs for senior citizens under old tax regime | |
| Income tax slabs (Rs) | Income tax rates (%) |
| From 0 to 3,00,000 | 0 |
| From 3,0,001 to 5,00,000 | 5 |
| From 5,00,001 to 10,00,000 | 20 |
| From 10,00,001 and above | 30 |
| Income tax slabs for super senior citizens under old tax regime | |
| Income tax slabs (Rs) | Income tax rates (%) |
| From 0 to 5,00,000 | 0 |
| From 5,00,001 to 10,00,000 | 20 |
| From 10,00,001 and above | 30 |
| Taxable Income | Old Tax Regime | New Tax Regime |
| 0 to Rs 2,50,000 | 0% | 0% |
| Rs 2,50,001 to Rs 3,00,000 | 5% | 0% |
| Rs 3,00,001 to Rs 5,00,000 | 5% | 5% |
| Rs 5,00,001 to Rs 6,00,000 | 20% | 5% |
| Rs 6,00,001 to Rs 9,00,000 | 20% | 10% |
| Rs 9,00,001 to Rs 10,00,000 | 20% | 15% |
| Rs10,00,001 to Rs12,00,000 | 30% | 15% |
| Rs 12,00,001 to Rs 15,00,000 | 30% | 20% |
| Rs15,00,001 and above | 30% | 30% |
( Originally published on Aug 03, 2022 )
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