Union Budget 2025 Income Tax Slabs: How much tax you are paying in different tax slabs of old and new tax regimes? Know here
Union Budget 2024: Finance Minister Nirmala Sitharaman is set to announce her 8th consecutive budget today (Saturday, February 1, 2025). She is expected to make changes in tax slabs. Have a look at how much income tax you are paying in old and new tax regime's different tax slabs.
Union Budget 2024: Salaried class taxpayers will keenly watch if Finance Minister Nirmala Sitharaman makes some changes in tax slabs in the 2025 Union Budget today (Saturday, February 1, 2025). She made changes in the new tax regime in her last budget speech (July 2024) when she increased the number of slabs to 6. Taxpayers are expecting a significant tax relief given the rising inflation. Here, we take you through different tax slabs that exist in the old and new tax regime and will tell you how much income tax you pay in different tax slabs (Data source: Income Tax official website).
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Old tax regime (Income Up to Rs 5 lakh)
We will begin with the old tax regime and will show the income and surcharge one needs to pay on this income
There is no income tax on income up to Rs 5 lakh. There is no surcharge also.
From Rs 5,00,001 to Rs 10,00,000
The income tax rate above Rs 5 lakh income is 20 per cent. There is no surcharge.
From Rs 10,00,001 to Rs 50,00,000
Rs 1,12,500+30 per cent above Rs 10,00,000. There is no surcharge.
From Rs 50,00,001 to 100,00,000
Rs 1,12,500+30 per cent above Rs 10,00,000. There is 10 per cent surcharge.
From Rs 100,00,001 to Rs 200,00,000
Rs 1,12,500+30 per cent above Rs 10,00,000. There is 15 per cent surcharge.
From Rs 200,00,001 to Rs 500,00,000
Rs 1,12,500+30 per cent above Rs 10,00,000. There is 25 per cent surcharge.
Above Rs 500,00,000
Rs 1,12,500+30 per cent above Rs 10,00,000. There is 37 per cent surcharge.
New tax regime (up to Rs 3,000,000)
There is nil income tax up to that income.
From Rs 3,00,001 to Rs 7,00,000
There is 5 per cent tax above the income of Rs 3,00,000. There is no surcharge. There is a standard deduction of Rs 75,000.
From Rs 7,00,001 to Rs 10,00,000
Rs 20,000+10 per cent above Rs 7,00,000. There is no surcharge.
From Rs 10,00,001 to Rs 12,00,000
Rs 50,000+15 per cent above Rs 10,00,000. There is no surcharge.
From Rs 12,00,001 to Rs 15,00,000
Rs 80,000+20 per cent above Rs 12,00,000. There is no surcharge.
Above Rs 15,00,000
Rs 1,40,000+30 per cent above Rs 15,00,000. There is no surcharge.
From Rs 15,00,001 to Rs 50,00,000
Rs 1,40,000+30 per cent above Rs 15,00,000. There is no surcharge.
From Rs 50,00,001 to Rs 1,00,00,000
Rs 1,40,000+30 per cent above Rs 15,00,000. There is 10 per cent surcharge.
From Rs 1,00,00,001 to Rs 2,00,00,000
Rs 1,40,000+30 per cent above Rs 15,00,000. There is 15 per cent surcharge.
Above Rs 2,00,00,000
Rs 1,40,000+30 per cent above Rs 15,00,000. There is 25 per cent surcharge.