Find out which tax bracket you fall into based on your income. Compare tax rates and slabs for both old and new tax regimes.
Tax brackets determine the rate at which your income is taxed. In India, there are two tax regimes with different brackets:
The main differences between the regimes are:
The choice depends on your income level and available deductions. Generally, the old regime is better if you have significant deductions, while the new regime may be beneficial for those with fewer deductions.
Yes, you can choose a different regime each year when filing your return. However, once you choose a regime for a particular year, you cannot change it for that assessment year.
Yes, surcharges apply to both regimes for higher income levels: 10% for income above ₹50 lakh, 15% above ₹1 crore, 25% above ₹2 crore, and 37% above ₹5 crore.