New regime
The default regime. It has wider slabs and a lower entry rate, but allows very few deductions.
| Taxable income | Rate |
|---|---|
| ₹0 to ₹4,00,000 | 0% |
| ₹4,00,000 to ₹8,00,000 | 5% |
| ₹8,00,000 to ₹12,00,000 | 10% |
| ₹12,00,000 to ₹16,00,000 | 15% |
| ₹16,00,000 to ₹20,00,000 | 20% |
| ₹20,00,000 to ₹24,00,000 | 25% |
| Above ₹24,00,000 | 30% |
- Standard deduction for salaried taxpayers and pensioners: ₹75,000
- No tax where taxable income is up to ₹12,00,000, through the rebate under Section 87A, with marginal relief just above it
- Health and education cess of 4% on the tax
Old regime
Available by election. It has a basic exemption that varies with age and permits the main deductions, including 80C, 80D, HRA and home loan interest.
| Age | Basic exemption |
|---|---|
| Below 60 | ₹2,50,000 |
| 60 to 79 (senior citizen) | ₹3,00,000 |
| 80 and above (super senior citizen) | ₹5,00,000 |
- Standard deduction for salaried taxpayers: ₹50,000
- Rebate under Section 87A up to ₹12,500 where taxable income does not exceed ₹5,00,000
- Health and education cess of 4% on the tax
What is not shown here
Surcharge, which applies at higher income levels and at different rates under the two regimes, and the special rates that apply to capital gains and certain other income. Both change the effective rate materially, so a computation at the slab rates alone is an approximation.
Check before you rely on this
Rates, limits and dates change by notification, and some are extended part-way through a year. This table is a summary for general information, not a statement of the law for your case. Confirm the current position from the official source below, or ask us.
Income Tax Department