budget 2024

Understanding the New Income Tax Slab

Slab 1 - No Tax

Individuals with an income up to ₹3 lakh will not be levied any tax.

Slab 2 - 5% Tax

The income between ₹3-6 lakh will be taxed at a rate of 5%. Tax rebate under Section 87A is available in this slab.

Slab 3 - 10% Tax

Individuals with an income between ₹6-9 lakh will be subject to a tax rate of 10%. Tax rebate under Section 87A on income up to ₹7 lakh is available.

Slab 4 - 15% Tax

For income falling between ₹9-12 lakh, the tax rate is 15%.

Slab 5 - 20% Tax

Individuals with an income between ₹12-15 lakh will be taxed at a rate of 20%.

Slab 6 - 30% Tax

Any income of ₹15 lakh and above will be taxed at a rate of 30%.