ITR Filing: Income tax slabs for salaried individuals under new regime and old regime
The Central Board of Direct Taxes (CBDT) extended the deadline for filing returns due to significant changes introduced in the notified ITRs and considering the time required for system readiness and rollout of ITR utilities for Assessment Year (AY) 2025-26.
The new tax regime is the default option for taxpayers. Salaried individuals can opt out and choose the old regime if they wish to while filing ITR for FY 2024-25. A belated ITR, submitted after the due date has expired, can only be filed under the new tax regime.
Income tax slabs under new tax regime Income slabs (in INR) Income tax rate (in %) 0-3,00,000 0 3,00,001-7,00,000 5 7,00,001-10,00,000 10 10,00,001-12,00,000 15 12,00,001-15,00,000 20 15,00,001 and above 30
Source: Income Tax Department Standard deduction: Under the new tax regime, salaried individuals and pensioners can claim a standard deduction of ₹ 75,000 from their salary or pension income.
75,000 from their salary or pension income. Section 87A rebate: Under the new tax regime, a resident individual whose net taxable income does not exceed ₹ 7 lakh is eligible for a tax rebate of up to ₹ 20,000. This effectively means zero tax liability for those individuals whose taxable income does not exceed ₹ 7 lakh. NPS contribution: Salaried employees can also claim a deduction of up to 14% of their basic salary under Section 80CCD (2) if they opt for the new tax regime when filing the ITR.
It's important to note that the government's announcement of zero tax on incomes up to ₹ 12 lakh applies to the current financial year, 2025-26.
Hence, this is not applicable to the current ITR filing for FY 2024-25 and will only exempt tax on the income earned between April 1, 2025 and March 31, 2026.
There is no change that has been announced in the income tax slabs under the old tax regime. A taxpayer can choose to opt for this regime while filing their ITR on or before the due date.
The slabs depend on the taxpayer's age in FY 2024-25, i.e., between April 1, 2024, and March 31, 2025.
Income tax slabs for people below 60 years Income slabs (in INR) Income tax rate (in %) 0-2,50,000 0 2,50,001-5,00,000 5 5,00,001-10,00,000 20 10,00,001 and above 30
Source: Income Tax Department
Income tax slabs for people aged above 60 years but below 80 years Income slabs (in INR) Income tax rates (in %) 0-3,00,000 0 3,00,001-5,00,000 5 5,00,001-10,00,000 20 10,00,001 and above 30
Source: Income Tax Department
Income tax slabs for people aged over 80 years Income slabs (in INR) Income tax rate (in %) 0-5,00,000 0 5,00,001-10,00,000 20 10,00,001 and above 30
Source: Income Tax Department
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