Tax slab for fy 2023-24

• Income Tax Slabs as per New Regime for FY 2023-24 (AY 2024-25) • Income Tax Slabs as per New Regime for FY 2022-23 • Income Tax Slabs According to Old Regime • Income Tax Slabs for New vs Old Tax Regime • Taxation of Companies • Income Tax Slab Rates for FY 2021-22 • Income Tax Slab Rates for FY 2020-21 • Frequently Asked Questions Budget Feb 1, 2023 (Income tax slab updates) 1) Income tax exemption limit increased from Rs 2.5 lakh to Rs 3 lakh 2) Tax Rebate under section 87A increased from Rs 5 lakh to Rs 7 lakh 3) Going forward, the new income tax regime is the default tax regime. However, the taxpayers will have the option to continue with the old income tax regime. Income Tax Slabs as per New Regime for FY 2023-24 (AY 2024-25) Annual Income Slab Income Tax Rate (New Regime) 0 – 3 Lakhs 0% 3 Lakhs – 6 Lakhs 5% 6 Lakhs – 9 Lakhs 10% 9 Lakhs – 12 Lakhs 15% 12 Lakhs – 15 Lakhs 20% Above 15 Lakhs 30% Income Tax Slabs as per New Regime for FY 2022-23 Income Tax Slab Income Tax Rate Upto Rs 2.5 lakh Nil Rs 2.5 – Rs 5 lakh 5% Rs 5 – Rs 7.5 lakh 10% Rs 7.5 – Rs 10 lakh 15% Rs 10 – Rs 12.50 lakh 20% Rs 12.5 – Rs 15 lakh 25% > Rs 15 lakh 30% Income Tax Slabs According to Old Regime Old Tax Slabs Tax Rates (60 Year Age) Tax Rates ( >80 years Age) Tax Rates (HUF) Upto Rs 2.5 lakh NIL NIL NIL NIL Rs 2.5 – Rs 3 lakh 5% 5% NIL NIL Rs 3 – Rs 5 lakh 5% 5% 5% NIL Rs 5 – Rs 7.5 lakh 20% 10% 10% 20% Rs 7.5 – Rs 10 lakh 20% 15% 15% 20% Rs 10 – Rs 12.50 lakh 30% 20% 20% 30% Rs 12.5 – Rs 15...