Income tax slabs by financial year
Old and new regime income-tax slabs for every financial year from FY 2020-21, when the new regime began, to the current FY 2025-26. Each year has its own page with the full slab tables, the standard deduction, the section 87A rebate, surcharge, cess and what changed that year. Every figure is sourced to the Income Tax Department and the Finance Act, and was last checked on October 28, 2026.
Pick a year
Slabs are set for the financial yearyou earn the income (1 April–31 March), and you file in the next year, the assessment year. Open the year you earned the money in.
FY 2025-26
CurrentAY 2026-27 · default: new regime
New regime: no tax up to ₹12,00,000 of normal income.
FY 2024-25
AY 2025-26 · default: new regime
New regime: no tax up to ₹7,00,000 of normal income.
FY 2023-24
AY 2024-25 · default: new regime
New regime: no tax up to ₹7,00,000 of normal income.
FY 2022-23
AY 2023-24 · default: old regime
New regime: no tax up to ₹5,00,000 of normal income.
FY 2021-22
AY 2022-23 · default: old regime
New regime: no tax up to ₹5,00,000 of normal income.
FY 2020-21
AY 2021-22 · default: old regime
New regime: no tax up to ₹5,00,000 of normal income.
The new regime, year by year
The old regime has not changed over these years. The new regime (section 115BAC) has been widened at almost every budget. This is the nil-tax point under section 87A and the standard deduction in the new regime for each year:
| Financial year | Assessment year | New regime: no tax up to | New regime standard deduction | Default |
|---|---|---|---|---|
| FY 2025-26 | AY 2026-27 | ₹12,00,000 | ₹75,000 | New |
| FY 2024-25 | AY 2025-26 | ₹7,00,000 | ₹75,000 | New |
| FY 2023-24 | AY 2024-25 | ₹7,00,000 | ₹50,000 | New |
| FY 2022-23 | AY 2023-24 | ₹5,00,000 | — | Old |
| FY 2021-22 | AY 2022-23 | ₹5,00,000 | — | Old |
| FY 2020-21 | AY 2021-22 | ₹5,00,000 | — | Old |
“No tax up to” is the section 87A rebate limit — the point to which the rebate wipes out tax on normal income. It does not cover special-rate income such as capital gains.
The old (normal) regime — unchanged every year
For a resident below 60, the old-regime slabs below have applied to every year on this page. The basic exemption rises to ₹3 lakh for ages 60 to under 80 and ₹5 lakh for 80 and over. The old regime keeps the deductions the new regime gives up — section 80C, HRA, the home-loan interest deduction and the rest — so whether it beats the new regime depends on how much you claim.
| Income | Rate |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 to ₹5,00,000 | 5% |
| ₹5,00,001 to ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
A ₹50,000 standard deduction applies to salary and pension, and the section 87A rebate makes tax nil up to ₹5 lakh of total income. A 4% health and education cess is added to the tax in both regimes.
Surcharge and cess
On top of the slab tax, a surcharge applies to higher incomes: 10% over ₹50 lakh, 15% over ₹1 crore, 25% over ₹2 crore and 37% over ₹5 crore. The 37% band was removed from the new regime for FY 2023-24 onward, so the new regime caps at 25%. On capital gains under sections 111A, 112 and 112A and on dividends, the surcharge is capped at 15%. Marginal relief keeps the extra tax from exceeding the extra income at each threshold. A 4% health and education cess is then added to tax plus surcharge, in every year and both regimes.
Estimate your tax
These free calculators use the same sourced slabs:
- Income tax calculator (old vs new regime) — compare both regimes for FY 2025-26 and FY 2024-25.
- Take-home salary calculator — in-hand pay after tax, PF and professional tax.
- Advance tax calculator — the section 211 instalment schedule.
- Capital gains calculator — the rates that changed on 23 July 2024.
- TDS rates and sections and the India tax calendar.
Frequently asked questions
What is the difference between the financial year (FY) and the assessment year (AY)?
The financial year is the year you earn the income (1 April to 31 March). The assessment year is the next year, in which you file the return and the income is assessed. Income earned in FY 2024-25 is filed in AY 2025-26. Slabs are set for the financial year, so always match the slab table to the year you earned the money, not the year you file.
Which year's slabs apply to the return I am filing now?
Use the slabs of the financial year in which the income was earned. If you are filing the return for AY 2025-26, you earned that income in FY 2024-25, so FY 2024-25 slabs apply. Each page here is labelled with both its FY and AY.
Have the old regime slabs changed over these years?
No. The old (normal) regime slabs — nil up to ₹2.5 lakh, 5% to ₹5 lakh, 20% to ₹10 lakh and 30% above — have been unchanged across every year on this page. The basic exemption is ₹3 lakh for residents aged 60 to under 80 and ₹5 lakh for those 80 and over. What changed each year was the new regime.
Is the new tax regime the default?
It became the default from FY 2023-24 (AY 2024-25). For FY 2020-21 to FY 2022-23 the old regime was the default and the new regime was optional. You can still choose the old regime, but a salaried taxpayer must tell the employer or elect it in the return each year.
Does the section 87A rebate make income tax-free?
The rebate cancels the tax up to a set income limit, so tax is effectively nil up to that limit — ₹5 lakh in the old regime throughout, and ₹5 lakh (to FY 2022-23), ₹7 lakh (FY 2023-24 and FY 2024-25) or ₹12 lakh (FY 2025-26) in the new regime. The rebate does not apply to tax on special-rate income such as capital gains under sections 111A and 112A.
Are these figures official?
Yes. Every slab, rebate and threshold is taken from the Income Tax Department, the Finance Act for the year and the Union Budget documents, listed under Sources on each page. They were last checked on October 28, 2026. This is general information, not tax advice.
Sources
Every figure on this page is taken from the official sources below. Finance Acts change slabs and thresholds — check the source before you rely on a number. This is general information, not tax advice.
- Income Tax Department — Tax rates (incometaxindia.gov.in)Individual slab rates for the old/normal regime and the new regime (section 115BAC), the section 87A rebate, surcharge bands and the 4% health & education cess, by assessment year.
- Income Tax Department — Returns & Forms Applicable, AY 2026-27FY 2025-26 new (115BAC) and old regime slabs, the ₹60,000 section 87A rebate, surcharge and the 4% cess.
- Income Tax Department — Finance Acts (full text, all years)The enacted Finance Act for each year — the legal source for every slab, rebate and surcharge change recorded below.
- PIB — Union Budget 2025-26 (no income tax up to ₹12 lakh, new regime)The revised FY 2025-26 new-regime slabs, the ₹12 lakh nil-tax threshold (₹12.75 lakh for salaried via the ₹75,000 standard deduction) and the ₹60,000 section 87A rebate.
- PIB — capital gains rationalisation, Finance (No. 2) Act 2024 (from 23 July 2024)From 23 July 2024: listed STCG (111A) 20%, listed LTCG (112A) 12.5% above ₹1.25 lakh, other LTCG 12.5% without indexation, and the pre-23-July-2024 land/building indexation option.
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