New Regime
| Slabs | Income Tax Rates |
|---|---|
| From 0 to Rs 300000 | NIL, |
| Rs 300001 to Rs 600000 | 5% on income exceeds Rs 3 lakh e.g. if income is Rs 5 lakh then 5 lakh – 3 lakh = 2 lakh and tax will be 5% on 2 lakh i.e. Rs 10000 |
| Rs 600001 to Rs 900000 | 15000 + 10% on income exceeds Rs 6 lakh e.g. if income is Rs 8 lakh then 8 lakh – 6lakh = 2 lakh and 10% of 2 lakh is Rs 20000 so tax will be Rs 20000+ 15000 (from 2nd row 6 lakh – 3 lakh is 3 lakh and 5% on 3 lakh is 15000) = Rs 35000 |
| Rs 900001 to Rs 1200000 | Rs 15000 + Rs 30000 + 15% on income exceeds Rs 9 lakh |
| Rs 1200001 to Rs 1500000 | Rs 15000 + Rs 30000 + Rs 45000 + 20% on income exceeds Rs 12 lakh |
| Above Rs 1500000 | Rs 15000 + Rs 30000+ Rs 45000+ Rs 60000 + 30% on income exceeds Rs 15 lakh |
Old Regime
| Slabs | Individuals (Age upto 59 years) | Resident Senior Citizens ( Age 60 to 79 years) | Resident Super Senior Citizens (Age 80 years and above) |
|---|---|---|---|
| From 0 to Rs 250000 | NIL | NIL | NIL |
| Rs 250001 to Rs 300000 | 5% | NIL | NIL |
| Rs 300001 to Rs 500000 | 5% | 5% | NIL |
| Rs 500001 to Rs 1000000 | 20% | 20% | 20% |
| Above Rs 1000000 | 30% | 30% | 30% |