Latest Income Tax Slabs Rates FY 2023-24(AY 2024-25) Union Budget 2023-24
Income Tax Slabs FY 2023-24: Tax levied on income earned by all Individual, HUF etc is Income Tax. Tax on net taxable income is based on income tax slabs and rates for the financial year(FY) 2023-24 and assessment year(AY) 2024-25. Net taxable income is calculated after certain 80C deductions and beyond 80C deductions from the gross income. As per the Union Budget 2023-24 the slab rates in New tax regime and Old Tax Regine is as follows.
Read Also: AP Income Tax Online Software FY: 2023-24 Click Here
Before calculating the tax as per the present tax slab rates for FY 2023-24(AY 2024-25), take a close look at present income tax slabs and type of income and some main differences between the new and old tax regime.
No Exemptions and Deductions in New Tax Regime
Individuals and HUFs can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act). The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D,80TTB, HRA) available in the Existing Tax Regime.
| Name of the Article | Income Tax FY:2023-24(AY:2024-25) Tax Slabs |
| Applicable | All States in India |
| Financial Year of Tax | FY: 2023-34 |
| Type of the Tax Levied | Salaried Employees Personal Income Tax 2023-24 |
| No of Tax Regimes | New Tax Regime as well As new Tax Regime |
| Best IT Software for Calculation | Online Income Tax 2023-24 Calculator by S.Seshadri |
The New Tax Regime, FY:2023-24
The new tax regime offers six tax slabs, with zero tax for income up to ₹3 lakh, and a tax rate rising by 5 percentage points for incremental income of ₹3 lakh each.
| On Income | Tax Rate |
| Up to ₹ 3,00,000 | Nil |
| From ₹ 3,00,001 to ₹ 6,00,000 | 5% |
| From ₹ 6,00,001 to ₹ 9,00,000 | 10% |
| From ₹ 9,00,001 to ₹ 12,00,000 | 15% |
| From ₹ 12,00,001 to ₹ 15,00,000 | 20% |
| Above ₹ 15,00,000 | 30% |
The Old Tax Regime FY 2023-24
The income tax slabs were not tweaked for the old tax regime for FY 2023-24 and remain as below.
| Total Income | Tax Rate |
| Up to ₹ 2,50,000 | 0%₹ |
| ₹ 2,50,000 to ₹ 5,00,000 | 5% |
| ₹ 5,00,000 to ₹ 10,00,000 | 20% |
| Above ₹ 10 lakh | 30% |
Read Also: Seshadri Income Tax Software FY 2022-23 Click Here
Income Tax Slabs & Rates FY 2022-23(AY 2023-24) (< 60Years)
For Individual (resident or non-resident) less than 60 years of age anytime during the previous year.
| Existing Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 2,50,000 | Nil | Up to ₹ 2,50,000 | Nil |
| ₹ 2,50,001 – ₹ 5,00,000 | 5% above ₹ 2,50,000 | ₹ 2,50,001 – ₹ 5,00,000 | 5% above ₹ 2,50,000 |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹ 12,500 + 20% above ₹ 5,00,000 | ₹ 5,00,001 – ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | ₹ 7,50,001 – ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 |
| ₹ 10,00,001 – ₹ 12,50,000 | ₹ 75,000 + 20% above ₹ 10,00,000 | ||
| ₹ 12,50,001 – ₹ 15,00,000 | ₹ 1,25,000 + 25% above ₹ 12,50,000 | ||
| Above ₹ 15,00,000 | ₹ 1,87,500 + 30% above ₹ 15,00,000 | ||
Income Tax Slabs & Rates FY 2022-23(AY 2023-24) (60+ Years)
For Individual (resident or non-resident), 60 years or more but less than 80 years of age, anytime during the previous year.
| Existing Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Slab Rates | Income Tax Slab | Income Tax Slab Rates |
| Up to ₹ 3,00,000 | Nil | Up to ₹ 2,50,000 | Nil |
| ₹ 3,00,001 – ₹ 5,00,000 | 5% above ₹ 3,00,000 | ₹ 2,50,001 – ₹ 5,00,000 | 5% above ₹ 2,50,000 |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹ 10,000 + 20% above ₹ 5,00,000 | ₹ 5,00,001 – ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,10,000 + 30% above ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 | |
| ₹ 10,00,001 – ₹ 12,50,000 | ₹ 75,000 + 20% above ₹ 10,00,000 | ||
| ₹ 12,50,001 – ₹ 15,00,000 | ₹ 1,25,000 + 25% above ₹ 12,50,000 | ||
| Above ₹ 15,00,000 | ₹ 1,87,500 + 30% above ₹ 15,00,000 | ||
New tax regime & Old Tax regime Income Tax Slab Rates for FY 2022-23 (AY 2023-24)
| Income Tax Slab | Existing Regime Slab Rates for FY 2022-23 (AY 2023-24) | New Regime Slab Rates for FY 2022-23 (AY 2023-24) | ||
|---|---|---|---|---|
| Tax Slabs Rates Resident Individuals & HUF < 60 years of age & NRIs | Tax Slabs Rates Resident Individuals & HUF > 60 to < 80 years | Tax Slabs Rates Resident Individuals & HUF > 80 years | Tax Slabs Rates Applicable for All Individuals & HUF | |
| Rs 0.0 – Rs 2.5 lakh | NIL | NIL | NIL | NIL |
| Rs 2.5 – Rs 3.00 lakh | 5% (tax rebate u/s 87a is available) | NIL | NIL | 5% (tax rebate u/s 87a is available) |
| Rs 3.00- Rs 5.00 lakh | 5% (tax rebate u/s 87a is available) | NIL | ||
| Rs 5.00 – Rs 7.5 lakh | 20% | 20% | 20% | 10% |
| Rs 7.5 – Rs 10.00 lakh | 20% | 20% | 20% | 15% |
| Rs 10.00 – Rs 12.50 lakh | 30% | 30% | 30% | 20% |
| Rs 12.5 – Rs 15.00 lakh | 30% | 30% | 30% | 25% |
| > Rs 15 lakh | 30% | 30% | 30% | 30% |
FAQ on Income Tax
Question : What is income that is taxable in India?
Ans : In India, taxable income is any income that an individual or organization receives that is subject to income tax. It is the income received by an individual or a business less any deductions allowed by the Income Tax Act.
Question: Do men and women pay different slab rates?
Ans : No. Males and females pay the same slab rates.
Question: Is everyone’s tax return filing deadline the same?
Ans : No, different taxpayers have different deadlines for filing income tax returns. The deadline for filing the return is July 31 for Individuals & HUF who are exempt from auditing under the Income Tax Act, and September 31 for everyone else.
Question: Do various age groups have varying slab rates?
Ans : Yes. For tax payers under 60 years old, between 60 and 80 years old (senior citizens), and over 80 years old, there are different slab rates (super senior citizens).
Question: What time frame is taken into account for income tax purposes?
Ans : In India, income tax is computed annually. It is determined for the fiscal year that runs from April 1 to March 31.