evidence: Income tax slabs for individuals aged below 60 years & HUF [...] 10% of Income tax if total income > Rs.50 lakh and < Rs.1 crore, 15% of Income tax if total income > Rs.1 crore and < Rs.2 crore, 25% of Income tax if total income > Rs.2 crore and < Rs.5 crore, 37% of Income tax if total income > Rs.5 crore *In Budget 2023, the highest surcharge rate of 37% has been reduced to 25% under the new tax regime. (applicable from 1st April 2023) [...] The new tax regime can largely benefit middle-class taxpayers who have a taxable income of up to Rs 15 lakh. The old regime is a better option for high-income earners.