WeVividWeVividCompare tax under the old and new regimes, with a full slab-wise breakup.
Both regimes apply a slab-wise rate: each portion of your taxable income is taxed at the rate for that slab, not the whole income at one flat rate. The new regime taxes a wider income range at 0% and offers a standard deduction of ₹75,000, but doesn't allow most other deductions except Section 80CCD(2) (employer's NPS contribution). The old regime allows deductions like 80C and 80D but taxes from a lower starting slab.
Surcharge is an extra charge on your income tax itself, once your taxable income crosses ₹50 lakh: 10% up to ₹1 crore, 15% up to ₹2 crore, 25% up to ₹5 crore, and 37% beyond that under the old regime (the new regime caps the top surcharge rate at 25%). It's calculated on the income tax amount, then 4% cess is added on top of tax plus surcharge.
Under Section 115BBH, income from digital assets like cryptocurrency is taxed at a flat 30%, with no deductions or slab benefit, and this applies the same way under both regimes.
Under the old regime, senior citizens (60-80) and super senior citizens (above 80) get a higher tax-free threshold. The new regime uses the same slabs for everyone regardless of age.