Slab rate for ay 2023-24

The taxation system in India is characterized by a progressive approach, where the amount of tax payable rises as income increases. In order to facilitate this approach, Income Tax slabs have been introduced in the country. The applicability of these slabs is influenced by various factors, such as the residential status of the taxpayer, the level of income earned, the category of the taxpayer, and their age. It is customary to review the Income Tax Rates in India every year after the budget is announced. This year, the Finance Ministry has announced some noticeable changes in the income-tax rates. Well, if you are searching for information on the Income Tax slabs and rates applicable for the financial year (FY) 2023-24 or Assessment year (AY) 2024-25 in India, this article can assist you in discovering the Income Tax slab for FY 2023-24, as well as details on the old and new tax regime. What is Income tax Slab rates in India? The Indian Income Tax System follows a structured approach to levy taxes on the income of individuals and non-individuals through various Income Tax Slabs. Income Tax Slabs: • The tax applies to the range of income, which varies based on the applicable slab rate that keeps on changing every year. • The slab rates of Income Tax are announced in the Union Budget every year by the Finance Minister. Income Tax Slab Rate Bifurcation • By Gender • Male; and • Female. • By Age • Resident; and • Non-resident in India. • For Hindu Undivided Family (HUF)/ Assoc...

New Income Tax Slabs FY 2023-24 (AY 2024-25) / FY 2022-23 (AY 2023-24) – New Tax Rates for FY 2022-23/ FY 2021-22 Finance Budget 23-24 New Income Tax Regime The most of the common people thought, The budget tax rate effect for FY22-23 , but it not correct it Effect only FY 2023-24 (AY 2024-25) New IT rate for the income range wise: Income range Income tax rate Up to Rs. 3,00,000 Nil Rs. 300,000 to Rs. 6,00,000 5% on income which exceeds Rs 3,00,000 Rs. 6,00,000 to Rs. 900,000 Rs 15,000 + 10% on income more than Rs 6,00,000 Rs. 9,00,000 to Rs. 12,00,000 Rs 45,000 + 15% on income more than Rs 9,00,000 Rs. 12,00,000 to Rs. 1500,000 Rs 90,000 + 20% on income more than Rs 12,00,000 Above Rs. 15,00,000 Rs 150,000 + 30% on income more than Rs 15,00,000 Income tax is levied on the income earned by all the individuals, HUF, partnership firms , LLPs and Corporates as per the Income tax Act of India. In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit (known as basic exemption limit ). Income tax slab rate FY 2021-22 (AY 2022-23) – Applicable for New Tax regime Income Tax Slab New Regime Income Tax Slab Rates FY 2021-22 (Applicable for All Individuals & HUF) Rs 0.0 – Rs 2.5 lakh NIL Rs 2.5 lakh – Rs 3.00 lakh 5% (tax rebate u/s 87A is available) Rs 3.00 lakh – Rs 5.00 lakh Rs 5.00 lakh- Rs 7.5 lakh 10% Rs 7.5 lakh – Rs 10.00 lakh 15% Rs 10.00 lakhs – Rs 12.50 lakh 20% Rs 12.5 lakhs – Rs 15.00 lakh 25% > Rs 15 lakh 30% ...

The taxation system in India is characterized by a progressive approach, where the amount of tax payable rises as income increases. In order to facilitate this approach, Income Tax slabs have been introduced in the country. The applicability of these slabs is influenced by various factors, such as the residential status of the taxpayer, the level of income earned, the category of the taxpayer, and their age. It is customary to review the Income Tax Rates in India every year after the budget is announced. This year, the Finance Ministry has announced some noticeable changes in the income-tax rates. Well, if you are searching for information on the Income Tax slabs and rates applicable for the financial year (FY) 2023-24 or Assessment year (AY) 2024-25 in India, this article can assist you in discovering the Income Tax slab for FY 2023-24, as well as details on the old and new tax regime. What is Income tax Slab rates in India? The Indian Income Tax System follows a structured approach to levy taxes on the income of individuals and non-individuals through various Income Tax Slabs. Income Tax Slabs: • The tax applies to the range of income, which varies based on the applicable slab rate that keeps on changing every year. • The slab rates of Income Tax are announced in the Union Budget every year by the Finance Minister. Income Tax Slab Rate Bifurcation • By Gender • Male; and • Female. • By Age • Resident; and • Non-resident in India. • For Hindu Undivided Family (HUF)/ Assoc...

New Income Tax Slabs FY 2023-24 (AY 2024-25) / FY 2022-23 (AY 2023-24) – New Tax Rates for FY 2022-23/ FY 2021-22 Finance Budget 23-24 New Income Tax Regime The most of the common people thought, The budget tax rate effect for FY22-23 , but it not correct it Effect only FY 2023-24 (AY 2024-25) New IT rate for the income range wise: Income range Income tax rate Up to Rs. 3,00,000 Nil Rs. 300,000 to Rs. 6,00,000 5% on income which exceeds Rs 3,00,000 Rs. 6,00,000 to Rs. 900,000 Rs 15,000 + 10% on income more than Rs 6,00,000 Rs. 9,00,000 to Rs. 12,00,000 Rs 45,000 + 15% on income more than Rs 9,00,000 Rs. 12,00,000 to Rs. 1500,000 Rs 90,000 + 20% on income more than Rs 12,00,000 Above Rs. 15,00,000 Rs 150,000 + 30% on income more than Rs 15,00,000 Income tax is levied on the income earned by all the individuals, HUF, partnership firms , LLPs and Corporates as per the Income tax Act of India. In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit (known as basic exemption limit ). Income tax slab rate FY 2021-22 (AY 2022-23) – Applicable for New Tax regime Income Tax Slab New Regime Income Tax Slab Rates FY 2021-22 (Applicable for All Individuals & HUF) Rs 0.0 – Rs 2.5 lakh NIL Rs 2.5 lakh – Rs 3.00 lakh 5% (tax rebate u/s 87A is available) Rs 3.00 lakh – Rs 5.00 lakh Rs 5.00 lakh- Rs 7.5 lakh 10% Rs 7.5 lakh – Rs 10.00 lakh 15% Rs 10.00 lakhs – Rs 12.50 lakh 20% Rs 12.5 lakhs – Rs 15.00 lakh 25% > Rs 15 lakh 30% ...