What are the Income Tax Slabs for 2024-25? Know details for old and new tax regime

Income Tax Slabs 2024-25: The Interim Budget for 2024 presented by Finance Minister Nirmala Sitharaman recently did not introduce any alterations to the income tax slabs or rates. If you're a common individual or salaried taxpayer curious about the income tax structure for the financial year 2024-25 (Assessment year 2025-26), we've got you covered.It's important to note that while no adjustments were made to the income tax slabs in both the old and new tax regimes, this could change when the new government unveils the full-year Budget 2024 after the Lok Sabha polls in 2024.As highlighted earlier, the Finance Minister proposed to maintain the existing tax rates in the interim budget for the financial year 2024-25. Therefore, unless there are any alterations made in the final budget following the general elections, the personal income-tax rates for the financial year 2024-25 will remain unchanged as follows:Income Tax Slabs 2024-2025 For Old/Regular Tax RegimeThese income tax slabs and rates apply to individuals (residents below 60 years of age, NR, and NOR) for the financial year 2024-25.Resident individual taxpayers with a total income not exceeding Rs 500,000 will qualify for a tax rebate of Rs 12,500 or the actual tax payable, whichever is lower.Additionally, it's important to note that for resident individuals who are senior citizens aged 60 and above, the basic exemption limit is Rs 3 lakh, while for super senior citizens aged 80 and above, the basic exemption limit is Rs 5 lakh.The income tax rates applicable under the new income tax regime, also known as the Concessional Tax Regime, for the financial year 2024-25 are as follows:In the new income tax regime, the eligibility threshold for the rebate is at Rs 7,00,000, allowing taxpayers to claim a rebate of up to Rs 25,000. Additionally, marginal relief will continue to be available for resident individuals with a net taxable income exceeding Rs 7,00,000, where the incremental income tax liability exceeds the incremental income above Rs 7,00,000.In addition to the taxes calculated according to the aforementioned slabs, a surcharge will be imposed on individuals' income tax if their total income surpasses Rs 5,000,000. The surcharge rates are as follows:Moreover, a health and education cess of 4% is levied on the income tax and surcharge (if applicable) calculated based on the aforementioned rates, applicable to all individuals.