Filing ITR? Check New & Old Regime Income Tax Slabs, Rates For Individuals And Seniors

Each year, the government decides whether to keep tax rates the same or adjust them based on the economic situation of the country. It's crucial to understand which tax bracket you belong to before filing your income tax return.
Income Tax Slabs & Rates For Individuals, Senior Citizens

Filing ITR? Check New & Old Regime Income Tax Slabs, Rates For Individuals And Seniors (Image source: iStock)

In India, Income tax rates vary on income levels and other factors including age, this creates a fair approach. As income rises, tax rates also go up, ensuring a progressive system. These rates are periodically adjusted, usually during budget sessions. All Indian citizens, including salaried, non-salaried, and seniors, must file Income Tax returns. Seniors enjoy extra tax benefits, aligning with the provisions of the Income-Tax Act of 1961. This is for fairness and caters to different groups of taxpayers.
Each year, the government decides whether to keep tax rates the same or adjust them based on the economic situation of the country. It's crucial to understand which tax bracket you belong to before filing your income tax return.

Here are tax slabs and rates for Individuals and senior citizens as per old and new tax regimes.

Income Tax Slabs And Rates For Individuals Under New & Old Tax Regimes

Annual Income

In Lakhs

Tax Rate Under New Tax Regime

In Per cent (%)

Tax Rate Under Old Tax Regime

In Per cent (%)

Upto 2.5

0

0

2.5- 3

0

5

3- 5

5

5

5- 6

5

20

6-9

10

20

9-10

15

20

10-12

15

30

12- 15

20

30

Above 15

30

30

Note: Under the new tax regime tax saving investments including life insurance cannot be claimed.

Income Tax Slabs And Rates For Senior Citizens Under New And Old Tax Regimes

Annual Income

In Lakhs

Tax Rate Under New Tax Regime

In Per cent (%)

Tax Rate Under Old Tax Regime

In Per cent (%)

Upto 3

0

0

3- 5

5

5

5- 6

5

20

6-9

10

20

9-10

15

20

10-12

15

30

12- 15

20

30

Above 15

30

30

End of Article
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