Slab Rates for A.Y 2024-25 for Optional Tax Regime

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Slab rates applicable to an Individual/HUF/AOP/BOI/Artificial Juridical Person who has exercised the option of shifting out of the default tax regime.

Sr. No.Total IncomeRate of Tax
1. Upto Rs. 2,50,000Nil
2. From Rs. 2,50,001 to Rs. 5,00,0005%
3. From Rs. 5,00,001 to Rs. 10,00,00020%
4. Above Rs. 10,00,00030%
Slab rates for a senior citizen [resident individual whose age is 60 years or more but less than 80 years] at any time during the previous year.
Sr. No.Total IncomeRate of Tax
1.Upto Rs. 3,00,000Nil
2.From Rs. 3,00,001 to Rs. 5,00,0005%
3.From Rs. 5,00,001 to Rs. 10,00,00020%
4.Above Rs. 10,00,00030%
Slab rates for a super senior citizen [resident individual whose age is 80 years or more] at any time during the previous year.
Sr. No.Total IncomeRate of Tax
1.Upto Rs. 5,00,000Nil
2.From Rs. 5,00,001 to Rs. 10,00,00020%
3.Above Rs. 10,00,00030%
Note:- As per Circular No. 28/2016, dated on 27-07-2016 resident individual who attains the age of 60 years or 80 years at the date of his birth falls on 1st April would be consider that age of 60 years or 80 years has completed.

Example:-

  1. If a resident individual whose 60th or 80th birthday falls on 1st April, 2024, would be treated to have completed the age of 60 or 80 years in previous year 2023-24.

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