Income tax slab for ay 2023-24 new regime

Income Tax Slab Income Tax Rates Applicable for FY 2023-24 as per the new regime for HUF and all Individuals ₹ 15,00,000 30% NOTES: • The tax rates in the new tax regime remain the same across all categories, i.e. the Hindu Undivided Family and individuals up to 60 years of age, senior citizens above 60 years to 80 years of age, and super senior citizens above 80 years. Therefore, no increase of the basic exemption limit will benefit the senior and the super senior citizens in the new tax regime. • Individuals with a net taxable income of up to ₹ 7 lakh will be eligible for tax rebate u/s 87A under the new tax regime. The rebate limit remains at ₹ 5 lakh for individuals who choose to pay tax under the old regime. • Income tax slab rate for Old Tax Regime FY 2023-24: Income Tax Slab Tax Rates ₹ 10,00,000 30% NOTES: • The exemption limit of income tax is up to ₹ 2.5 lakh for all individuals, HUF and individuals below 60 years and NRIs for FY 2023-24. • An additional 4% health and education cess is applicable on the tax amount. Income Tax Slabs for Individuals aged between 60 years and 80 years : Income Tax Slab Tax Rates ₹ 10,00,000 30% NOTES: • The exemption limit on income tax is up to ₹3 lakh for senior citizens for FY 2023-24. • An additional 4% health and education cess is applicable on the tax amount. Income Tax Slabs for Individuals above 80 years: Surcharge applicable as per tax rates are listed below across all categories mentioned above: • 10% of Income Tax for inc...

Applicable if all due premiums are paid and the customer survives the policy term. All tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. *Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years (exclusive of all applicable taxes).ARN:WP/EIS/080123 Disclaimer: *Guaranteed benefits are applicable if all due premiums are paid and the customer survives the policy term. ~Save ₹46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.*Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years (exclusive of all applicable taxes).ARN: Feb23/TaxPopup/18N Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc. Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing str...

Check Income Tax Slabs for FY 2023-24 & FY 2022-23 Latest income tax slab in India for Individuals, Companies, NRI, HUF, BOI, AOP, LLP, Local Authority, and cooperative societies. In India, we have a progressive method of taxation, i.e., higher income-higher, the tax payable. To govern the same, taxation in India is determined based on Income Tax slabs. The applicability of the Income Tax Slabs in India depends on various factors such as residential status, the quantum of income, type of assessee, and age. The taxpayers in India need to pay income tax basis on the income tax slab they fall in. Income tax slab consists of different ranges of income with different tax rates. As income increases, the tax rates also increase. The slab system was introduced to enable a fair tax system in the country. The changes in the income tax slab are done as per the budget announcement. There are three categories under which income tax is divided:- • Individuals who are less than 60 years • Senior citizens with age 60 to 80 years • Super senior citizens with age above 80 years. As per the Union Budget 2023, a few key changes have been introduced under the new tax regime. The tax slab under the new tax regime has been reduced from 6 to 5, and the basic exemption limit has been raised to Rs. 3 lakh from Rs. 2.5 lakh. These changes will be applicable from 1 April 2023. The slab structure has been revised:- A lot of confusion has arisen after Budget 2023 as it has brought many amendments under...

Income Tax Slab Income Tax Rates Applicable for FY 2023-24 as per the new regime for HUF and all Individuals ₹ 15,00,000 30% NOTES: • The tax rates in the new tax regime remain the same across all categories, i.e. the Hindu Undivided Family and individuals up to 60 years of age, senior citizens above 60 years to 80 years of age, and super senior citizens above 80 years. Therefore, no increase of the basic exemption limit will benefit the senior and the super senior citizens in the new tax regime. • Individuals with a net taxable income of up to ₹ 7 lakh will be eligible for tax rebate u/s 87A under the new tax regime. The rebate limit remains at ₹ 5 lakh for individuals who choose to pay tax under the old regime. • Income tax slab rate for Old Tax Regime FY 2023-24: Income Tax Slab Tax Rates ₹ 10,00,000 30% NOTES: • The exemption limit of income tax is up to ₹ 2.5 lakh for all individuals, HUF and individuals below 60 years and NRIs for FY 2023-24. • An additional 4% health and education cess is applicable on the tax amount. Income Tax Slabs for Individuals aged between 60 years and 80 years : Income Tax Slab Tax Rates ₹ 10,00,000 30% NOTES: • The exemption limit on income tax is up to ₹3 lakh for senior citizens for FY 2023-24. • An additional 4% health and education cess is applicable on the tax amount. Income Tax Slabs for Individuals above 80 years: Surcharge applicable as per tax rates are listed below across all categories mentioned above: • 10% of Income Tax for inc...

Applicable if all due premiums are paid and the customer survives the policy term. All tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. *Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years (exclusive of all applicable taxes).ARN:WP/EIS/080123 Disclaimer: *Guaranteed benefits are applicable if all due premiums are paid and the customer survives the policy term. ~Save ₹46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.*Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years (exclusive of all applicable taxes).ARN: Feb23/TaxPopup/18N Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc. Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing str...

Check Income Tax Slabs for FY 2023-24 & FY 2022-23 Latest income tax slab in India for Individuals, Companies, NRI, HUF, BOI, AOP, LLP, Local Authority, and cooperative societies. In India, we have a progressive method of taxation, i.e., higher income-higher, the tax payable. To govern the same, taxation in India is determined based on Income Tax slabs. The applicability of the Income Tax Slabs in India depends on various factors such as residential status, the quantum of income, type of assessee, and age. The taxpayers in India need to pay income tax basis on the income tax slab they fall in. Income tax slab consists of different ranges of income with different tax rates. As income increases, the tax rates also increase. The slab system was introduced to enable a fair tax system in the country. The changes in the income tax slab are done as per the budget announcement. There are three categories under which income tax is divided:- • Individuals who are less than 60 years • Senior citizens with age 60 to 80 years • Super senior citizens with age above 80 years. As per the Union Budget 2023, a few key changes have been introduced under the new tax regime. The tax slab under the new tax regime has been reduced from 6 to 5, and the basic exemption limit has been raised to Rs. 3 lakh from Rs. 2.5 lakh. These changes will be applicable from 1 April 2023. The slab structure has been revised:- A lot of confusion has arisen after Budget 2023 as it has brought many amendments under...

Check Income Tax Slabs for FY 2023-24 & FY 2022-23 Latest income tax slab in India for Individuals, Companies, NRI, HUF, BOI, AOP, LLP, Local Authority, and cooperative societies. In India, we have a progressive method of taxation, i.e., higher income-higher, the tax payable. To govern the same, taxation in India is determined based on Income Tax slabs. The applicability of the Income Tax Slabs in India depends on various factors such as residential status, the quantum of income, type of assessee, and age. The taxpayers in India need to pay income tax basis on the income tax slab they fall in. Income tax slab consists of different ranges of income with different tax rates. As income increases, the tax rates also increase. The slab system was introduced to enable a fair tax system in the country. The changes in the income tax slab are done as per the budget announcement. There are three categories under which income tax is divided:- • Individuals who are less than 60 years • Senior citizens with age 60 to 80 years • Super senior citizens with age above 80 years. As per the Union Budget 2023, a few key changes have been introduced under the new tax regime. The tax slab under the new tax regime has been reduced from 6 to 5, and the basic exemption limit has been raised to Rs. 3 lakh from Rs. 2.5 lakh. These changes will be applicable from 1 April 2023. The slab structure has been revised:- A lot of confusion has arisen after Budget 2023 as it has brought many amendments under...

Income Tax Slab Income Tax Rates Applicable for FY 2023-24 as per the new regime for HUF and all Individuals ₹ 15,00,000 30% NOTES: • The tax rates in the new tax regime remain the same across all categories, i.e. the Hindu Undivided Family and individuals up to 60 years of age, senior citizens above 60 years to 80 years of age, and super senior citizens above 80 years. Therefore, no increase of the basic exemption limit will benefit the senior and the super senior citizens in the new tax regime. • Individuals with a net taxable income of up to ₹ 7 lakh will be eligible for tax rebate u/s 87A under the new tax regime. The rebate limit remains at ₹ 5 lakh for individuals who choose to pay tax under the old regime. • Income tax slab rate for Old Tax Regime FY 2023-24: Income Tax Slab Tax Rates ₹ 10,00,000 30% NOTES: • The exemption limit of income tax is up to ₹ 2.5 lakh for all individuals, HUF and individuals below 60 years and NRIs for FY 2023-24. • An additional 4% health and education cess is applicable on the tax amount. Income Tax Slabs for Individuals aged between 60 years and 80 years : Income Tax Slab Tax Rates ₹ 10,00,000 30% NOTES: • The exemption limit on income tax is up to ₹3 lakh for senior citizens for FY 2023-24. • An additional 4% health and education cess is applicable on the tax amount. Income Tax Slabs for Individuals above 80 years: Surcharge applicable as per tax rates are listed below across all categories mentioned above: • 10% of Income Tax for inc...

Applicable if all due premiums are paid and the customer survives the policy term. All tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. *Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years (exclusive of all applicable taxes).ARN:WP/EIS/080123 Disclaimer: *Guaranteed benefits are applicable if all due premiums are paid and the customer survives the policy term. ~Save ₹46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.*Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years (exclusive of all applicable taxes).ARN: Feb23/TaxPopup/18N Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc. Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing str...