Income tax slabs for ₹ 5 lakhs will vary under the new and existing tax regimes, and according to the age group. In the existing tax regime, income up to ₹ 5,00,000 for persons below 60 years old will be taxed at 5% above ₹ 2,50,000. If an individual is 60 years or more but less than 80 years of age, the tax rate is 5% above ₹ 3,000,000. Taxpayers aged 80 years and above can enjoy tax-free income up to ₹ 5,00,000. Whereas in the new tax regime, income up to ₹ 5,00,000 is taxed at 5% above ₹ 2,50,000 for all age groups.