As a person, you work hard to increase your income over time whether you are a salaried person or a businessman in India, you have to pay income tax to the government based on the total income earned in a specific financial year. You can use an online tax calculator for calculation or hire a professional because paying tax according to your tax bracket is a legal obligation.
Based on their annual income, all Indian citizens are classified into income tax slabs or tax brackets associated with several categories. The income tax slab is the relationship between the tax paid and your annual income. They are commonly known as tax rates or tax brackets, which tend to increase as your income increases and fall into higher income tax slabs.
Income Tax Slab & New Tax Rates FY 2024 PDF
In addition, income tax slabs are subject to change every year. As per the announcement of the Union Budget 2024, there has been no change in the income tax slab for the financial year 2024.
In terms of age, Indian taxpayers fall into three categories:
- Indian resident as well as non-resident below 60 years
- Senior citizens between 60 and 80 years old
- Resident Super Senior Citizens should be above 80 years of age
Income Tax Slab for FY 2024-25 (AY 2024) in India
Here check updated latest income tax slab rates in India for Individuals, Company, NRI, HUF, BOI, AOP, LLP, Local Authority, Co-operative society.
| Individuals (Other than senior and super senior citizen) | ||
| Net Income Range | Rate of Income-tax | |
| Assessment Year 2024 | Assessment Year 2024-25 | |
| Up to Rs. 2,50,000 | – | – |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
| Senior Citizen (who is 60 years or more at any time during the previous year) | ||
| Net Income Range | Rate of Income-tax | |
| Assessment Year 2024 | Assessment Year 2024-25 | |
| Up to Rs. 3,00,000 | – | – |
| Rs. 3,00,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
| Super Senior Citizen (who is 80 years or more at any time during the previous year) | ||
| Net Income Range | Rate of Income-tax | |
| Assessment Year 2024 | Assessment Year 2024-25 | |
| Up to Rs. 5,00,000 | – | – |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
| Hindu Undivided Family (Including AOP, BOI, and Artificial Juridical Person) | ||
| Net Income Range | Rate of Income-tax | |
| Assessment Year 2024 | Assessment Year 2024-25 | |
| Up to Rs. 2,50,000 | – | – |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
Key Highlights of Income Tax Slab for AY 2024 PDF
| Name of Article | Income Tax Slab FY 2024 PDF |
| Financial Year | 2024 |
| Concerned Dept | Income Tax Department, Govt of India |
| Target Beneficiary | All taxpayers |
| Language | English |
| Number of Pages | 7 |
| Source Link | https://www.incometaxindia.gov.in/ |
| Revised Income Tax Slabs & Tax Rates | Click Here |
Download New Income Tax Slab Rate for AY 2024 PDF for free from www.pdfformdownload.com using the direct download link given below.