What is the Minimum Salary to Pay Income Tax?

What is the Minimum Salary for Income Tax

Click here to find the minimum salary for income tax in 2024. Learn what the minimum salary to pay income tax is and save smartly.

The minimum salary for income tax that requires an individual to pay income tax varies based on factors such as age, residential status, and applicable tax slabs. Let’s explore the details:

1. Income Tax Slabs for FY 2023-24 (AY 2024-25):

   • The income tax slabs are different under the old and the new tax regimes.

   • For the

     old regime

     , the minimum annual income for income tax exemption limit is:

     • Up to Rs 2,50,000 for individuals, HUF below 60 years aged, and NRIs.

     • Up to Rs 3,00,000 for senior citizens aged above 60 years but less than 80 years.

     • Up to Rs 5,00,000 for super senior citizens aged above 80 years.

   • For the

     new regime

     , the income tax exemption limit is up to Rs 3,00,000 for individuals and HUF opting for the new regime.

2. Comparison of Tax Rates:

Here’s a comparison of tax rates under the old and new tax regimes for FY 2023-24:

1. Additional Notes

   :

   • Surcharge and cess will be applicable over and above the tax rates.

   • The income tax exemption limit for NRIs is up to Rs 2,50,000 in the old regime and up to Rs 3,00,000 in the new regime.

I hope you get an idea of what is the minimum salary to pay income tax.

Read more -