The income tax latest slab rates determine how individuals, HUFs, and other taxpayers calculate their tax liability in India. These slabs, revised periodically by the Government of India, reflect the progressive tax system where higher income attracts higher taxes. In this blog, we provide a year-wise comparison of income tax slabs, surcharge, and cess for the past seven financial years (FY 2018-19 to FY 2025-26) with clear tables and references.
For detailed reference: Income Tax Slab Rates in India – AY 2018-2019 (FY 2017-18)
|
Income Range |
Individuals below 60 yrs |
Senior Citizens (60-80 yrs) |
Super Senior Citizens (80+ yrs) |
|
Up to ₹2,50,000 |
Nil |
Nil |
Nil |
|
₹2,50,001 – ₹5,00,000 |
5% |
Nil |
Nil |
|
₹5,00,001 – ₹10,00,000 |
20% |
20% (above ₹5,00,000) |
20% (above ₹5,00,000) |
|
Above ₹10,00,000 |
30% |
30% |
30% |
Surcharge: 10% (income > ₹50 lakh), 15% (income > ₹1 crore)
Cess: 4% Health & Education Cess
For detailed reference: Income Tax Rates Slab for FY 2019-20 or AY 2020-21
|
Income Range |
Individuals below 60 yrs |
Senior Citizens (60-80 yrs) |
Super Senior Citizens (80+ yrs) |
|
Up to ₹2,50,000 |
Nil |
Nil |
Nil |
|
₹2,50,001 – ₹5,00,000 |
5% |
Nil |
Nil |
|
₹5,00,001 – ₹10,00,000 |
20% |
20% (above ₹5,00,000) |
20% (above ₹5,00,000) |
|
Above ₹10,00,000 |
30% |
30% |
30% |
Surcharge: 10% (income > ₹50 lakh), 15% (income > ₹1 crore)
Cess: 4%
For detailed reference : Income tax Rates Slab for FY 2020-21 or AY 2021-22
Old Regime
|
Income Range |
Tax Rate |
|
Up to ₹2,50,000 |
Nil |
|
₹2,50,001 – ₹5,00,000 |
5% |
|
₹5,00,001 – ₹10,00,000 |
20% |
|
Above ₹10,00,000 |
30% |
New Regime (Optional, introduced FY 2020-21)
|
Income Range |
Tax Rate |
|
Up to ₹2,50,000 |
Nil |
|
₹2,50,001 – ₹5,00,000 |
5% |
|
₹5,00,001 – ₹7,50,000 |
10% |
|
₹7,50,001 – ₹10,00,000 |
15% |
|
₹10,00,001 – ₹12,50,000 |
20% |
|
₹12,50,001 – ₹15,00,000 |
25% |
|
Above ₹15,00,000 |
30% |
Surcharge: 10% (> ₹50 lakh), 15% (> ₹1 crore), 25% (> ₹2 crore), 37% (> ₹5 crore)
Cess: 4%
For detailed reference: Income Tax Rates Slab for FY 2021-22 or AY 2022-23
Both Old and New regime slabs continued (same as FY 2020-21).
Surcharge & Cess: Same as FY 2020-21.
For detailed reference : Income Tax Rates Slab for FY 2022-23 or AY 2023-24
No major changes; both regimes applicable.
Surcharge & Cess: Same as previous year.
Detailed reference : Income Tax Rates Slab for FY 2023-24 (AY 2024-25)
Budget 2023 introduced changes in New Regime slabs:
|
Income Range (New Regime) |
Tax Rate |
|
Up to ₹3,00,000 |
Nil |
|
₹3,00,001 – ₹6,00,000 |
5% |
|
₹6,00,001 – ₹9,00,000 |
10% |
|
₹9,00,001 – ₹12,00,000 |
15% |
|
₹12,00,001 – ₹15,00,000 |
20% |
|
Above ₹15,00,000 |
30% |
Old Regime: Unchanged.
Surcharge: Reduced highest surcharge from 37% to 25% (on income above ₹5 crore).
Cess: 4%
No major change; the New Regime continued as default regime with rebates up to ₹7 lakh.
|
Income Range (New Regime) |
Tax Rate |
|
Up to ₹3,00,000 |
Nil |
|
₹3,00,001 – ₹6,00,000 |
5% |
|
₹6,00,001 – ₹9,00,000 |
10% |
|
₹9,00,001 – ₹12,00,000 |
15% |
|
₹12,00,001 – ₹15,00,000 |
20% |
|
Above ₹15,00,000 |
30% |
Surcharge & Cess: Same as FY 2023-24.
As per latest updates from the Union Budget 2025, no major structural changes. The New Regime remains default, with the same rebate for incomes up to ₹7 lakh.
Old Regime: Continued for those opting out of New Regime.
Surcharge & Cess: Same as FY 2023-24.
The income tax latest slab rates from FY 2018-19 to FY 2025-26 reflect India’s evolving tax system, especially with the New Regime becoming the default. Taxpayers must compare both regimes before filing to choose the most beneficial one.
The Old Regime allows deductions and exemptions, while the New Regime offers lower tax rates with no major deductions.
The New Regime was introduced in FY 2020-21 (AY 2021-22).
It is 25% from FY 2023-24 onwards (earlier 37%).
Yes, under the Old Regime, senior citizens enjoy higher exemption limits.
Yes, a 4% Health & Education Cess applies in both regimes.
If you have high deductions (HRA, 80C, etc.), the Old Regime may be better; otherwise, New Regime is simpler.
From FY 2023-24, individuals with income up to ₹7 lakh get full rebate (Nil tax).
Yes, the same slab rates apply to individuals and HUFs.
NRIs get the same slabs as residents, but no benefit of higher exemption for senior citizens.
Slab rates can change every year in the Union Budget depending on Government policy.
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