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. A tax slab means to pay different tax rates based on different income ranges.
The difference between the old and new tax regimes for FY 2023-24 is as follows:
The following are the tax slab rates for the new regime:
| Min Limit | Max Limit | Tax Rate | Surcharge |
| 0 | 300000 | 0 | 0 |
| 300001 | 600000 | 5 | 0 |
| 600001 | 900000 | 10 | 0 |
| 900001 | 1200000 | 15 | 0 |
| 1200001 | 1500000 | 20 | 0 |
| 1500001 | 5000000 | 30 | 0 |
| 5000001 | 10000000 | 30 | 10 |
| 10000001 | 20000000 | 30 | 15 |
| 20000001 | 9999999999 | 30 | 25 |
The following are the tax slab rates for the old regime:
| Min Limit | Max Limit | Tax Rate | Surcharge |
| 0 | 250000 | 0 | 0 |
| 250001 | 500000 | 5 | 0 |
| 500001 | 1000000 | 20 | 0 |
| 1000001 | 5000000 | 30 | 0 |
| 5000001 | 1000000 | 30 | 0 |
| 1000001 | 2000000 | 30 | 10 |
| 2000001 | 50000000 | 30 | 15 |
| 50000001 | 9999999999 | 30 | 25 |
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