Ay 23-24 tax slab

Table of Contents: In the Union Budget 2023, the Finance Minister has made no changes in the normal tax regime. However, to make the new tax regime more appealing, various changes have been made. We have presented a comparative tax table for financial year 2023-24 for different categories of person for ease of reference Income-tax is a tax levied by the Government of India on the income of a person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961, and rules made thereunder. The Income-tax Act comprises various chapters which include provisions relating to the determination of the residential status of a person in India, exemptions, computation of total income, deductions, determination of tax liability, filing of income tax return, the procedure for assessments, penalties, prosecutions, etc. Income-tax liability of an assessee is calculated on basis of his ‘Total Income’. For tax calculation, a taxpayer’s total income shall be apportioned between normal income and special income. The normal income of a taxpayer is charged to tax as per applicable tax rates as prescribed every year under the Finance Act. Further, the Government has also introduced Alternate Tax Regimes which provide an option to the taxpayer to pay tax at reduced rates provided he forgoes certain exemptions or deductions. An Individual or a HUF is not liable to pay tax if their normal income is up to the maximum exemption limit or basic exemption limit. The basic exemption li...

Table of Contents: In the Union Budget 2023, the Finance Minister has made no changes in the normal tax regime. However, to make the new tax regime more appealing, various changes have been made. We have presented a comparative tax table for financial year 2023-24 for different categories of person for ease of reference Income-tax is a tax levied by the Government of India on the income of a person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961, and rules made thereunder. The Income-tax Act comprises various chapters which include provisions relating to the determination of the residential status of a person in India, exemptions, computation of total income, deductions, determination of tax liability, filing of income tax return, the procedure for assessments, penalties, prosecutions, etc. Income-tax liability of an assessee is calculated on basis of his ‘Total Income’. For tax calculation, a taxpayer’s total income shall be apportioned between normal income and special income. The normal income of a taxpayer is charged to tax as per applicable tax rates as prescribed every year under the Finance Act. Further, the Government has also introduced Alternate Tax Regimes which provide an option to the taxpayer to pay tax at reduced rates provided he forgoes certain exemptions or deductions. An Individual or a HUF is not liable to pay tax if their normal income is up to the maximum exemption limit or basic exemption limit. The basic exemption li...

Table of Contents: In the Union Budget 2023, the Finance Minister has made no changes in the normal tax regime. However, to make the new tax regime more appealing, various changes have been made. We have presented a comparative tax table for financial year 2023-24 for different categories of person for ease of reference Income-tax is a tax levied by the Government of India on the income of a person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961, and rules made thereunder. The Income-tax Act comprises various chapters which include provisions relating to the determination of the residential status of a person in India, exemptions, computation of total income, deductions, determination of tax liability, filing of income tax return, the procedure for assessments, penalties, prosecutions, etc. Income-tax liability of an assessee is calculated on basis of his ‘Total Income’. For tax calculation, a taxpayer’s total income shall be apportioned between normal income and special income. The normal income of a taxpayer is charged to tax as per applicable tax rates as prescribed every year under the Finance Act. Further, the Government has also introduced Alternate Tax Regimes which provide an option to the taxpayer to pay tax at reduced rates provided he forgoes certain exemptions or deductions. An Individual or a HUF is not liable to pay tax if their normal income is up to the maximum exemption limit or basic exemption limit. The basic exemption li...