1. New Tax Regime (Default)
SMFG India Credit
Income Slab Tax Rate
Up to ₹4,00,000 Nil
₹4,00,001 to ₹8,00,000 5%
₹8,00,001 to ₹12,00,000 10%
₹12,00,001 to ₹16,00,000 15%
₹16,00,001 to ₹20,00,000 20%
₹20,00,001 to ₹24,00,000 25%
Above ₹24,00,000 30%
Key Features & Benefits under New Regime:
Bajaj Finserv
Zero Tax up to ₹12 Lakh: Under Section 87A, a full tax rebate of up to ₹60,000 is available for resident individuals with taxable income up to ₹12,00,000.
Effective Tax-Free Threshold for Salaried Individuals: With the Standard Deduction of ₹75,000, salaried taxpayers earning up to ₹12,75,000 pay ₹0 tax.
Marginal Relief: Available for income marginally exceeding ₹12 Lakh so that tax payable does not exceed the income exceeding ₹12 Lakh.
2. Old Tax Regime (Optional)
Referencer
The Old Tax Regime remains available for taxpayers claiming Chapter VI-A deductions (Section 80C, 80D, 80G, etc.) and exemptions (HRA, LTA).
For Individuals (Below 60 Years) & HUF:
Income Slab Tax 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%
Basic Exemption Limit: ₹3,00,000 for Senior Citizens (60–79 years) and ₹5,00,000 for Super Senior Citizens (80+ years).
Rebate u/s 87A: Up to ₹12,500 for total taxable income up to ₹5,00,000.
Standard Deduction: ₹50,000 for salaried employees and pensioners.
Surcharge & Health/Education Cess (Applicable to Both Regimes)
Health & Education Cess: 4% on total income tax + surcharge.
Surcharge Rates:
Total Income ₹50 Lakh – ₹1 Crore: 10%
Income Tax
Total Income ₹1 Crore – ₹2 Crore: 15%
Income Tax
Total Income ₹2 Crore – ₹5 Crore: 25%
Income Tax
Total Income Above ₹5 Crore: 37% (Capped at 25% under the New Tax Regime)
Income Tax