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% |
NOTE:
- Please note that the tax rates in the New tax regime is the same for all categories of Individuals, i.e Individuals & HUF upto 60 years of age, Senior citizens above 60 years upto 80 years , and Super senior citizens above 80 years. Hence no increased basic exemption limit benefit will be available to senior and super senior citizens in the New Tax regime.
- Individuals with Net taxable income less than or equal to Rs 5 lakh will be eligible for tax rebate u/s 87A i.e tax liability will be nil of such individual in both – New and old/existing tax regimes.
- Basic exemption limit for NRIs is of Rs 2.5 Lakh irrespective of age.
- Additional Health and Education cess at the rate of 4 % will be added to the income tax liability in all cases. (increased from 3% since FY 18-19)
- Surcharge applicable as per tax rates below in all categories mentioned above:
- 10% of Income tax if total income > Rs.50 lakh
- 15% of Income tax if total income > Rs.1 crore
- 25% of Income tax if total income > Rs.2 crore
- 37% of Income tax if total income > Rs.5 crore
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