REGULAR TAX REGIME – Regular tax regime is the default tax regime for the assessment Year 2023-24.However for the assessment year 2024-25,the individual/HUF/AOP,ctc.,has to exercise the option under section 115BAC(6) to avail the benefit Of the regular tax regime .tax rates under the regular tax regime are as follows –
For a resident senior citizen who is the least 60 year of age any time during the previous year but of less than 80 year on the last day of the previous year [ assessment year 2023-24(date of birth on or after April 2, 1943 but before April 2 ,1963)or assessment year 2024-25(date birth on or after April 2,1944 but before April 2 1964)]
| Net income range | Income – tax rates |
| Up to Rs.3,00,000 | Nil |
| Rs.3,00,000 – Rs.5,00,000 | 5%of (total income minus Rs.3,00,000)3 |
| Rs.5,00,000 – Rs.10,00,000 | Rs. 10,000+20%of (total income minus Rs. 5,00,000) |
| Rs . 10,00,000 – Rs. 50,00,000 | Rs.1,10,000+30%of (total income minus Rs.10,00,000) |
| Rs.50,00,000 – Rs.1,00,00,000 | Rs.13,10,000+30%of (total income minus Rs.50,00,000) |
| Rs. 1,00,00,000 – Rs.2,00,00,000 | Rs.28,10,000+30%of (total income minus Rs. 1,00,00,000) |
| Rs.2,00,00,000 – Rs.5,00,00,000 | Rs. 58,10,000+30%of(total income minus Rs.2,00,00,000) |
| Above Rs. 5,00,00,000 | Rs.1,48,10,000+30%of(total income minus Rs.5,00,00,000) |
For a resident super senior citizen who is 80 year or more at any time during the previous year [assessment year 2023-24.(date of birth before April 2 ,1943) or assessment year 2024-25. (date of birth before April 2 , 1944)]—-
| Net income range | Income – tax rates |
| Up to Rs.5,00,000 | Nil |
| Rs.5,00,000 – Rs.10,00,000 | 20%of (total income minus Rs.5,00,000) |
| Rs.10,00,000 – Rs.50,00,000 | Rs.1,00,000+30%of (total income minus Rs.10,00,000 |
| Rs.50,00,000 – Rs.1,00,00,000 | Rs.13,00,000+30%of (total income minus Rs.50,00,000) |
| Rs.1,00,00,000 – Rs.2,00,00,000 | Rs.28,00,000+30%of (total income minus Rs.1,00,00,000) |
| Rs.2,00,00,000 – Rs.5,00,00,000 | Rs.58,00,000+30%of (total income minus Rs.2,00,00,000) |
| Above Rs.5,00,000 | Rs.1,48,00,000+30%of (total income minus Rs.5,00,00,000) |
For any other resident individual who is less then 60 year of age on the last day of the previous year [assessment year 2023-24(date of birth on or after April 2 , 1963) or assessment year 2024-25(date of birth on or after April 2 , 1964)],any non – resident individual , every HUF/AOP/BOI/ artificial juridical person ——
| Net income range | Income – tax rates |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,000 – Rs. 5,00,000 | 5%of (total income minus Rs.2,50,000)6 |
| Rs.5,00,000 – Rs. 10,00,000 | Rs. 12,500+20%of (total income minus Rs.5,00,000) |
| Rs. 10,00,000 – Rs. 50,00,000 | Rs. 1,12,500+30% of (total income minus Rs.10,00.000) |
| Rs.50,00,000 – Rs. 1,00,00,000 | Rs. 13,12,500+30%of (total) |
| Rs.1,00,00,000 – Rs.2,00,00,000 | Rs. 28,12,500+30%of (total income minus Rs.1,00,00,000) |
| Rs. 2,00,00,000 – Rs.5,00,00,000 | Rs. 58,12,500+30%of(total income minus Rs.2,00,00,000 |
| Above Rs. 5,00,00,000 | Rs. 1,48,12,500+30%of(total income minus Rs.5,00,00,000) |