Quick Summary
Under Old Regime (i) In case of every individual having age of 60 Years, HUF or AOP or BOI, whether incorporated or not, or every AJP Rates of Income Tax Income (X) Rate X 2,50,000 Nil 2,50,000 X 5,00,000 5% 5,00,000 X 10,00,000 Rs.12,500 + 20% 10,00,000 Rs.1,12,500 + 30% (ii)
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For individuals under 60, HUFs, AOPs, or BOIs in the Old Regime, the rates are: Nil for income up to ₹2,50,000; 5% for income between ₹2,50,000 and ₹5,00,000; ₹12,500 + 20% for income between ₹5,00,000 and ₹10,00,000; and ₹1,12,500 + 30% for income over ₹10,00,000.
For resident individuals aged between 60 and 80 years under the Old Regime, the tax-free income threshold increases. The rates are: Nil for income up to ₹3 Lakhs; 5% for income between ₹3 Lakhs and ₹5 Lakhs; ₹10,000 + 20% for income between ₹5 Lakhs and ₹10 Lakhs; and ₹1,10,000 + 30% for income over ₹10 Lakhs.
For resident individuals over 80 years old under the Old Regime, the tax-free income is up to ₹5 Lakhs. Income between ₹5 Lakhs and ₹10 Lakhs is taxed at 20%, and income over ₹10 Lakhs is taxed at ₹1,00,000 + 30%.
Under the New Regime, the rates are: Nil up to ₹4 Lakhs; 5% from ₹4,00,001 to ₹8 Lakhs; 10% from ₹8,00,001 to ₹12 Lakhs; 15% from ₹12,00,001 to ₹16 Lakhs; 20% from ₹16,00,001 to ₹20 Lakhs; 25% from ₹20,00,001 to ₹24 Lakhs; and 30% above ₹24 Lakhs.
For individuals with income between ₹50 Lakhs and ₹1 Crore, the surcharge is 10%. It's 15% for income between ₹1 Crore and ₹2 Crores, 25% for income between ₹2 Crores and ₹5 Crores, and 37% for income above ₹5 Crores.
For domestic companies, the income tax rate is 25% if their total turnover or gross receipts in FY 2022-23 were over ₹400 crore. For others, the rate is 30%.
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