Income Tax Slab AY 2023-24 (FY 2022-23)
Source of revenue Tax Slab A.Y.2023-24 (F.Y.2022-23 – From 01-04-2022 to 31-03-2023): This source of revenue tax slab can be appropriate for the evaluate 12 months 2023-24 for the source of revenue duration from 01-04-2022 to 31-03-2023. The final date to document source of revenue tax go back for a.y. 2023-24 is thirty first July 2023. The source of revenue tax slab charges are right here to be had for each tax regimes i.e. previous tax regime and new tax regime.
For the evaluate 12 months 2023-24, we now have equipped each source of revenue tax slabs beneath the previous tax regime and the brand new tax regime. Some taxpayers are puzzled about which tax regime applies to their source of revenue. Something we need to explain here’s that you’ll make a choice from the previous tax regime and the brand new tax regime the place you are going to get a larger tax receive advantages.
Source of revenue Tax Slab A.Y. 2023-24 Outdated Tax Regime
Source of revenue Tax Slab A.Y. 2023-24 Outdated Tax Regime: The next desk displays the source of revenue tax slabs for the evaluate 12 months 2023-24 beneath the previous tax regime. For the monetary 12 months 2022-23, those source of revenue tax charges will follow to source of revenue earned from 1 April 2022 to 31 March 2023. You’ll additionally take a look at your source of revenue tax slab for 2023-24 beneath the brand new tax regime. The taxpayer has the choice of paying taxes beneath the previous tax regime or the brand new tax regime for the 12 months 2023-24. You’ll make a selection the place you are going to be paying much less taxes with a purpose to get monetary savings.
| Source of revenue Vary | Tax Fee |
|---|---|
| Not up to 60 Years of Age | |
| As much as Rs. 2.5 Lakh | Nil |
| Rs. 2 Lakh to five Lakh | 5% of (overall source of revenue minus Rs. 2 Lakh) |
| Rs. 5 Lakh to ten Lakh | Rs. 12500 + 20% (General Source of revenue Minus Rs. 5 Lakh) |
| Above 10 Lakh | Rs. 1,12,500 + 30% of (overall source of revenue minus Rs. 10 Lakh) |
| Resident Senior Citizen (60 Years or Extra in Earlier Yr) | |
| As much as Rs. 3 Lakh | Nil |
| Rs. 3 Lakh to five Lakh | 5% of (overall source of revenue minus Rs. 3 Lakh) |
| Rs. 5 Lakh to ten Lakh | Rs. 10,000 + 20% of (overall source of revenue minus Rs. 5 Lakh) |
| Above 10 Lakh | Rs. 1,10,000 30% of (overall source of revenue minus Rs. 10 Lakh) |
| Resident Tremendous Senior Citizen (80 Years or Extra in Earlier Yr) | |
| As much as Rs. 5 Lakh | Nil |
| Rs. 5 Lakh to Rs. 10 Lakh | 20% of (overall source of revenue minus Rs. 5 Lakh) |
| Above Rs. 10 Lakh | Rs. 1,00,000 + 30% of (overall source of revenue minus Rs. 10 Lakh) |
| Rebate u/s 87A – Resident Folks with internet earning as much as Rs. 5,00,000 is also eligible for a rebate beneath phase 87A. The rebate is deductible from source of revenue tax prior to computing well being and schooling cess and is the same as 100% of source of revenue tax or Rs. 12,500. | |
| Well being and Training Cess (HEC): 4% of Source of revenue-Tax | |
| In case of Sr Citizen or Tremendous Senior Citizen: Any resident particular person whose sixtieth/eightieth birthday falls on 1st April 2023 will be handled as having finished the age of 60/80 years as on thirty first March 2023 i.e. earlier 12 months 2022-23 (A.Y. 2023-24) and therefore could be eligible for the upper elementary exemption prohibit of Rs. 3 lakh and 5 lakh. | |
| Surcharge | |
| General Source of revenue as much as 50 Lakh | Nil |
| Above Rs. 50 Lakh to one Crore | 10% |
| From 1 Crore to two Crore | 15% |
| From 2 Crore to five Crore | 25% |
| Above 5 Crore | 37% |
| In the end surcharge on Dividend and Capital Good points u/s 111A, 112A, & 112 shall now not exceed 15%. | |
Source of revenue Tax Slab A.Y. 2023-24 New Tax Regime
Source of revenue Tax Slab A.Y. 2023-24 New Tax Regime: The next desk displays the source of revenue tax slabs beneath the brand new tax regime for the evaluate 12 months 2023-24. Tax charges can be appropriate to source of revenue earned between 01-04-2022 and 31-03-2023, i.e. all through the monetary 12 months 2022-23. At the foundation of your advantages, you’ll make a choice from the previous and new tax regime.
| Source of revenue Tax Slab AY 2023-24 (New Tax Regime) Phase 115BAC Appropriate to all age team |
|
|---|---|
| upto Rs. 2,50,000 | Nil |
| Rs.2,50,001 to Rs.5,00,000 | 5% |
| Rs.5,00,001 to Rs.7,50,000 | 10% |
| Rs.7,50,001 to Rs.10,00,000 | 15% |
| Rs.10,00,001 to twelve,50,000 | 20% |
| Rs.12,50,001 to fifteen,00,000 | 25% |
| Above 15,00,000 | 30% |
| Well being and Training Cess (HEC): 4% of Source of revenue-Tax | |
| Surcharge | |
| General Source of revenue as much as 50 Lakh | Nil |
| Above Rs. 50 Lakh to one Crore | 10% |
| From 1 Crore to two Crore | 15% |
| From 2 Crore to five Crore | 25% |
| Above 5 Crore | 37% |
Deductions Allowed or Now not Allowed (Outdated Tax Regime Vs New Tax Regime)
There are specific deductions that don’t seem to be accepted beneath the brand new tax regime, in addition to some exemptions. The deductions listed below are the ones which can be allowed beneath the previous tax regime and now not allowed beneath the brand new tax regime. The taxpayer will have to moderately assess their very own particular person instances prior to opting for essentially the most advisable tax regime.
| Deductions | Outdated Tax Regime (A.Y.2023-24) | New Tax Regime (A.Y. 2023-24) |
| Rebate u/s 87A | 12500 (Source of revenue as much as 5 Lakh) | 12500 (Source of revenue as much as 5 Lakh) |
| Usual Deduction | 50000 | – |
| Depart Shuttle Allowance (LTA) | Sure | No |
| Area Hire Allowance HRA Exemption | Sure | No |
| Meals Allowance of Rs. 50/meal with two foods an afternoon plus different allowances | Sure | No |
| Perquisites for professional functions | Sure | Sure |
| Leisure Allowance | Sure | No |
| Skilled Tax | Sure | No |
| Self-occupied or vacant assets House Mortgage Passion beneath phase 24b | Sure | No |
| Passion on House Mortgage for Let-Out Assets | Sure | Sure |
| Deduction 80C (LIC/EPF/ELSS/PPF/FD/Kids’s Tuition Charge and so on) | Sure | No |
| NPS Worker’s Personal Contribution | Sure | No |
| NPS Employer’s Contribution | Sure | Sure |
| 80D Scientific Insurance coverage | Sure | No |
| 80U Disabled Person | Sure | No |
| 80E Passion on Training Mortgage | Sure | No |
| 80EEB Passion on Electrical Car Mortgage | Sure | No |
| 80G Donation to Political Birthday party/Consider | Sure | No |
| 80TTA and 80TTB Saving Financial institution Passion | Sure | No |
| Different Deduction beneath Bankruptcy VI-A | Sure | No |
| Conveyance Allowance | Sure | Sure |
| Shipping Allowance for a Specifically abled individual | Sure | Sure |
| Day-to-day Allowance | Sure | Sure |
| Exemption on Depart Encashment u/s 10 (10AA) | Sure | Sure |
| Exemption on Gratuity u/s 10(10) | Sure | Sure |
| Exemption on Voluntary Retirement 10 (10C) | Sure | Sure |
| Deduction on Circle of relatives Pension Source of revenue | Sure | Sure |
| 80CCH – Contribution to Agniveer Corpus Fund | Sure | Didn’t exist |
In step with the above desk, some deductions don’t seem to be allowed beneath the brand new tax device for 2023-2024. Subsequently, the taxpayer will have to decide how a lot tax they might pay beneath each regimes prior to making a call.
Q. Which Source of revenue tax slab is appropriate to me for A.Y.2023-24?
In A.Y.2023-24, you are going to be taxed beneath both the previous or the brand new regime, relying at the tax regime you select. Step one is to calculate source of revenue tax beneath the previous tax regime after which beneath the brand new tax regime. Choose the tax regime that will provide you with essentially the most tax advantages.
