Income Tax Slabs And Rates FY 2024-25 – A Quick Guide

Indiafirst Life
• 10 Feb, 2025

Understanding the income tax slabs and rates for the financial year 2024-25 is crucial for taxpayers in India to plan their finances effectively. Tax slab rates differ under the old and new tax regimes. If you have opted for the old tax regime, you may be able to claim some exemptions under the relevant sections, such as Section 80C for life insurance plan premiums. However, you can expect the rates to be slightly higher as compared to the rates for the new tax regime.

Tax Slabs**

Income tax slabs are segregated mainly based on the taxpayer’s income level. Their age and some other factors are also taken into consideration.

1. Individual Taxpayers (Below 60 years)

Income Range (in INR)	Old Tax Rate
Up to 2,50,000	0%
2,50,001 to 5,00,000	5%
5,00,001 to 7,50,000	20%
7,50,001 to 10,00,000	20%
10,00,001 to 12,50,000	30%
12,50,001 to 15,00,000	30%
Above 15,00,000	30%

Income Range (in INR)	New Tax Rate
Up to 3,00,000	0%
3,00,001 to 7,00,000	5%
7,00,001 to 10,00,000	10%
10,00,001 to 12,00,000	15%
12,00,001 to 15,00,000	20%
15,00,001 and above	30%

2. Senior Citizens (Aged 60 to 80 years)

Income Range (in INR)	Old Tax Rate
Up to 3,00,000	0%
3,00,001 to 5,00,000	5%
5,00,001 to 7,50,000	20%
7,50,001 to 10,00,000	20%
10,00,001 to 12,50,000	30%
12,50,001 to 15,00,000	30%
Above 15,00,000	30%

Income Range (in INR)	New Tax Rate
Up to 3,00,000	0%
3,00,001 to 7,00,000	5%
7,00,001 to 10,00,000	10%
10,00,001 to 12,00,000	15%
12,00,001 to 15,00,000	20%
15,00,001 and above	30%

3. Super Senior Citizens (Aged above 80 years)

Income Range (in INR)	Old Tax Rate
Up to 5,00,000	0%
5,00,001 to 7,50,000	20%
7,50,001 to 10,00,000	20%
10,00,001 to 12,50,000	30%
12,50,001 to 15,00,000	30%
Above 15,00,000	30%

Income Range (in INR)	New Tax Rate
Up to 3,00,000	0%
3,00,001 to 7,00,000	5%
7,00,001 to 10,00,000	10%
10,00,001 to 12,00,000	15%
12,00,001 to 15,00,000	20%
15,00,001 and above	30%

Note: The above information on tax slabs is according to the government’s budget announcements in July 2024.

Understanding the income tax slabs for FY 2024-25 is essential for taxpayers to effectively manage their finances and plan their tax liabilities. By familiarising yourself with the applicable tax rates and utilising tax-saving strategies, you can optimise your tax outflows and maximise savings. You can either consult an expert or use an online income tax calculator for the same.**

** Tax exemptions are as per applicable tax laws from time to time.

Disclaimers:

IndiaFirst Life Insurance Company Limited, IRDAI Regn No.:143, CIN: U66010MH2008PLC183679, Address: 12^th & 13^th floor, North [C] Wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400 063. Toll-free No – 18002098700. Email Id:customer.first@indiafirstlife.com, Website: www.indiafirstlife.com, Fax No. +91226570600. For more details on risk factors and terms and conditions, please read the sales brochure carefully before concluding the sale. Trade logo displayed above belongs to our promoter M/s Bank of Baroda and is used by IndiaFirst Life Insurance Co. Ltd. under license. Advt. Ref. No

BEWARE OF SPURIOUS/ FRAUD PHONE CALLS!

IRDAI is not involved in activities like selling insurance policies, announcing bonus or Investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time.

by IndiaFirst Life
Headquartered in Mumbai, IndiaFirst Life Insurance Company Limited (IndiaFirst Life), with a paid-up share capital of INR 754.37 crore, is one of the fastest growing private life insurers in India in terms of New Business IRP in Fiscal 2023. Our key differentiators are our simple, easy-to-understand products that are optimally priced. As of Sept 30, 2023, we offered 30 retail products, 13 group products along with six riders (across retail and group portfolios), along with policies under the PMJJBY scheme, catering to protection, savings, health and retirement needs of our customers, leveraging multiple distribution capabilities and augmenting various investment options. In all propositions under the categories of Participating Plans, Non-Participating Savings Plans, Non-Participating Protection Plans, Unit Linked Insurance Plans, Group Protection Plans, Corporate Funds Plans, Riders & PMJJBY form a complete suite of offerings that help our customers prepare for the certainties of life. Our products are easy to understand and optimally priced with a developed comprehensive risk management framework/policy.