New Regime Tax Slab 2024-24. The new regime offers lower tax rates for higher incomes than the old. Individual taxpayers must pay income tax based on the slab system into which they fall.

The government of india levies additional charges on individual taxpayers (irrespective of age) whose annual income exceeds inr 50 lakh. The general slab rates applicable in the case of an individual or huf are 5%, 20%, and 30%.