This study presents a comprehensive analysis on the past and future changes in precipitation extremes and quantifies the relative contributions from its frequency and intensity across India, considering five extremeness levels, denoted by 95th, 99th, 99.9th, 99.95th, and 99.97th percentile. Gridded station‐based observations from the historical period (1951–2020) and simulations from 14 General Circulation Models for the future (2021–2100), participating in the Coupled Model Intercomparison Project phase 6 (CMIP6) are considered. Apart from an overall increasing pattern of precipitation extremes, it is noticed that the contribution of frequency dominates over intensity. Specifically, the frequency of 99th percentile daily rainfall is projected to increase approximately by two‐ (SSP245) to three‐ (SSP585) times in future. We also proposed a new zoning of entire Indian mainland, identified as six Homogeneous Precipitation Zones (HPZs). HPZ‐wise analysis reveals that the increase in frequency dominates over intensity for all the HPZs with a varying extent. For instance, increase in frequency is more for the climatologically high‐precipitation zones (HPZ‐3: Western Ghats, and HPZ‐6: North‐east India), whereas increase in intensity is more for the low‐precipitation zones (HPZ‐1: North‐west India, and HPZ‐4: Peninsular India). The degree of increase gets even more pronounced under the worst scenario SSP585, indicating a potential impact of anthropogenic activities on changing precipitation extremes. Findings of this study should be accounted in the climate change adaptation and mitigation strategies for future. Plain Language Summary: There are different characteristics of extreme precipitation, such as how frequent they occur, its intensity. Owing to change in climate, these characteristics are changing as time passes, as well as from one location to another location. How has it been changed in the past and how will it be changing in future? Is there any link with the nature of rainfall in a region? These are the focus of this study. We considered entire Indian mainland as our study domain that spans across a wide range of climatology. Overall, it is noted that both frequency and intensity are increasing and it is going to increase further in future. Moreover, frequency is increasing more rapidly than intensity. However, this finding varies from region to region. The regions that receive high precipitation, in general, may experience maximum increase in frequency (northeast and western ghats region in India), whereas the regions with relatively low precipitation may experience maximum increase in intensity (southern peninsular India). Such findings are expected to be useful in many applications related to climate change impacts on water sector. Key Points: Both frequency and intensity of extreme precipitation are increasing with spatial variation and it is going to increase further in futureIn general, change in the characteristics of precipitation extremes is dominated by increase in frequency rather than intensityHigh precipitation regions experience an increase in frequency and low precipitation regions experience an increase in intensity [ABSTRACT FROM AUTHOR]