Income Tax Slab for AY 2024-25 For Salaried Individuals and Senior Citizens

Income Tax Act 

The Income Tax Act was passed by the Parliament of India in 1961. It contains 23 chapters more than 290+ sections and fourteen schedules according to the India Code website which is a depositary of the Indian laws.

It was made to communicate the laws of India being trickled down to the people to know the laws which govern them. The Income Tax Act was amended many times when the government of the day wanted to change certain provisions or add new sections to the income tax.

The law has many provisions on how it can be collected for which category on the basis of needs and financial wants. To improve the tax buoyancy the government of India tried plugging the leakages and have brought the online public system And e-flings.    

Income Tax Slab for AY 2024-25

The Income tax slab for (assessment year)AY 2024 -25 was based on the amendment to section 115BAC of the Income Tax Act which was part of the new income tax regime in which the tax slab for a salaried class whose annual income does not exceed the value of 3,00,000 Rs per annum will not be taxed.

This was based on the Finance Year Act 2023 which was announced by the finance minister Nirmala Sitaraman. when she presented the budget in the last financial year 2023-24, in that, she outlined the changes in the income tax slab.

There are many slabs based on Income, Age, source of income, and resident type. For each category, they have to ascertain whether they are coming in the said category and the fill out income tax online by choosing ITR(Income Tax Return) forms which are in the category of 1- to 4 and various forms one has to choose from which will be detailed.

For now, let’s know how individuals are taxed in India and what assessment year (AY) means. In India individuals and firms will be taxed in the succeeding year meaning they will taxed based on the income for the previous financial year. For example, a person whose income will be taxed for the financial year 2023- 24 will be done in 2024 -25 which is called the assessment year. 

New Income Tax Slab

The New income tax slab for people who are below 60 years for the financial year 2023-24 and assessment year 2024 - 2025. For people who are above, 60 in the previous year they will come under the senior citizen category. 

This new income tax slab will be applicable to all in this age category unless they fill up the  Form-10-IEA if they are an eligible taxpayer in any of the categories like Individuals, HUF (Hindu undivided family), AOP (association of person) (other than co-operative societies), BOI body of individual  & Artificial Judicial Persons (AJP) having income from business and profession can either to “Opt out or Re-enter” the new Tax regime once in their lifetime according to the section139(1).

For most people in the old tax regime, there are tax deductions which most people saw as a positive thing but in the new, there are no such tax deductions.

Tax Slabs for Senior Citizens AY 2024-2025

As we said the income tax is categorized based on age, type of resident and source of income we have given the age criteria alone for more detailed income tax fillings visit the income tax website 

This table summarizes the income tax rates for individuals aged 60 years or older but under 80 years of age for new tax regimes for the financial year 2023-24. And assessment year 2024 - 2025 

For people who are above the 80 years of the age the income tax slab is as follows 

Income Tax Slab for AY 2023 24 Old Regime

The income Tax for AY 2023-24 Old regime is given below as we have seen the rate for the new income tax regime most people who opt for the old regime has their liking towards it because of the tax deductions most people used it to get the benefits. 

Old Income Tax Rate Regime 

For people  below 60 years of the age 

Senior citizen in the range of 60 to 80 year age

Senior citizen who are above the age group of 80