What are the income tax rates defined for old and new tax regime?

Created by Product Content Team, Modified on Wed, 13 Mar at 5:22 PM by Product Content Team

Income Tax is calculated on income earned by all individuals, Hindu Undivided Family (HUF), partnership firms, and corporates as per the Income Tax Act of India.

The income tax rates as per the Old tax regime are as follows:

Income tax slabs	Old tax regime (tax rate %)
₹0 - ₹2.5 lakh	Nil
₹2.5 lakh - ₹5 lakh	5%
₹5 lakh - ₹10 lakh	20%
Above 10 lakhs	30%

The income tax rates as per the New tax regime are as follows:

Income tax slabs	New tax regime (tax rate %)
₹0 - ₹3 lakhs	Nil
₹3 lakhs - ₹6 lakhs	5%
₹6 lakhs - ₹9 lakhs	10%
₹9 lakhs - ₹12 lakhs	15%
₹12 lakhs - ₹15 lakhs	20%
Above 15 lakhs	30%

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