Tax Slabs FY 2024-25
New Regime: ₹0–3L: 0% | ₹3–7L: 5% | ₹7–10L: 10% | ₹10–12L: 15% | ₹12–15L: 20% | Above ₹15L: 30%. Standard deduction ₹75,000. Rebate u/s 87A for net income ≤ ₹7L.
Old Regime: ₹0–2.5L: 0% | ₹2.5–5L: 5% | ₹5–10L: 20% | Above ₹10L: 30%. Standard deduction ₹50,000. Rebate u/s 87A for net income ≤ ₹5L (max ₹12,500). Full range of deductions available.
Health & Education Cess: 4% on total tax in both regimes.
📝 Worked Example (New Regime FY 2024-25)
Inputs: Taxable income ₹15,00,000
| Slab | Amount | Rate | Tax |
|---|---|---|---|
| Up to ₹3,00,000 | ₹3,00,000 | 0% | ₹0 |
| ₹3L – ₹7L | ₹4,00,000 | 5% | ₹20,000 |
| ₹7L – ₹10L | ₹3,00,000 | 10% | ₹30,000 |
| ₹10L – ₹12L | ₹2,00,000 | 15% | ₹30,000 |
| ₹12L – ₹15L | ₹3,00,000 | 20% | ₹60,000 |
| Total Tax + 4% Cess | ₹1,45,600 | ||
💡 Standard deduction of ₹75,000 applies under new regime. Effective tax rate here is 9.7%.
Surcharge rates
10% surcharge on income >₹50L, 15% on >₹1Cr, 25% on >₹2Cr, 37% on >₹5Cr (old regime). New regime caps surcharge at 25% for >₹2Cr.
⚠️ Disclaimer: This is an estimate based on FY 2024-25 tax slabs. For accurate tax computation, consult a Chartered Accountant. Source: Income Tax Act 1961, CBDT, Ministry of Finance Budget 2024.
Last Updated: June 2025 · Reviewed by Wolf Office Tools Editorial Team