What are the income tax slabs for individuals in FY 2024-25

For the Financial Year 2024-25 in India, the income tax slabs for individual taxpayers under the new tax regime are as follows:

For taxpayers opting for the old regime with deductions and exemptions, the slabs are:

In addition, a Health and Education Cess of 4% is levied on the income tax calculated.

Note that individuals over 60 years old are eligible for a higher exemption limit under the old regime:

Senior Citizens (60 years or older):
- Income up to ₹3 lakh: Nil
- Income from ₹3 lakh to ₹5 lakh: 5%
- Income from ₹5 lakh to ₹10 lakh: 20%
- Income above ₹10 lakh: 30%
Super Senior Citizens (80 years or older):
- Income up to ₹5 lakh: Nil
- Income from ₹5 lakh to ₹10 lakh: 20%
- Income above ₹10 lakh: 30%

Always check the latest updates or consult with a tax professional, as tax regulations can be subject to changes.