Top Stories Budget 2024: The Current New and Old Tax Slabs In the Interim Budget the tax slab rates were kept unchanged for both new and old income tax regimes. By Kalyani B. Nair – On February 1, 2024 3:14 pm – 2 mins read Finance Minister Nirmala Sitharaman kept the tax slab rates remains unchanged for both new and old income tax regimes.
“Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” Sitharaman said in her Budget speech today.
New regime tax slabs -No tax would be levied for income up to ₹3 lakh -Income between ₹3-6 lakh would be taxed at 5 per cent (tax rebate under Section 87A is available) -Income between ₹6-9 lakh would be taxed at 10 per cent (tax rebate under Section 87A on income up to ₹7 lakh is available) -Income between ₹9-12 lakh at 15 per cent -Income between ₹12-15 lakh at 20 per cent -Income of ₹15 lakh and above will be taxed at 30 per cent.
The tax rates in the new tax regime are the same for all categories of Individuals, i.e. Individuals, Senior citizens, and Super senior citizens. Old regime tax slabs -Income up to ₹2.5 is exempt from taxation under the old tax regime. -Income between ₹2.5 to ₹5 lakh is taxed at the rate of 5 per cent under the old tax regime. -Personal income from ₹5 lakh to ₹10 lakh is taxed at a rate of 20 per cent in the old regime -Under the old regime personal income above ₹10 lakh is taxed at a rate of 30 per cent.