Old regime tax slab 2023 24

Old vs new current income tax slabs: When it comes to Budget, the only thing that the salaried class look forward to is the income tax rebate. Finance Minister Nirmala Sitharaman while presenting Budget 2023 on 1 February 2023, tweaked the slabs to provide some relief to the middle class. "It is proposed to increase the rebate for the resident individual under the new regime so that they do not pay tax if their total income is up to ₹7 lakh," Sitharaman said. Currently, a 5 per cent tax is levied on total income between ₹2.5 lakh and ₹5 lakh, 10 per cent on ₹5 lakh to ₹7.5 lakh, 15 per cent on ₹7.5 lakh to ₹10 lakh, 20 per cent on ₹10 lakh to ₹12.5 lakh, 25 per cent on ₹12.5 lakh to ₹15 lakh, and 30 per cent on above ₹15 lakh. Budget 2023: Catch all the Live updates here Budget 2023: Old income tax slab vs new income tax slab New tax slabs 1) No tax would be levied for income up to ₹3 lakh 2) Income between ₹3-6 lakh would be taxed at 5 per cent 3) Income between ₹6-9 lakh would be taxed at 10 per cent 4) Income between ₹9-12 lakh at 15 per cent 5) Income between ₹12-15 lakh at 20 per cent 6) Income of ₹15 lakh and above will be taxed at 30 per cent. Tax Slabs Old Tax Regime New Tax Regime 0-3 lakh NIL NIL 3-6 lakh 5% NIL (Income limit for rebate of income tax increased from ₹5 lakh to ₹7 Lakh) 6-9 lakh 10% 10% 9-12c lakh 15% 15% 12-15 lakh 20% 20% Above 15 lakh 30% 30% Old tax slabs 1) Income up to ₹2.5 is exempt from taxation under old tax regime. 2) Income between ₹2.5 ...

As a tax-paying citizen in India, you might be already aware of the revision to income tax slabs in India every year. As always, the Finance Minister of India, Nirmala Sitharaman, announced the latest revision to old tax regime slabs in the Union Budget for 2023 on February 1. With the new tax regime slabs, certain changes have come about. For instance, right now, there are two different income tab slabs in India that you can avail of. The old tax regime versus the new tax regime debate is currently abounding, and so, in addition to covering the technicalities of the new tax regime slabs, we would be comparing the two to make the differences clear to you. What are Income Tax Slabs in India?Be it the old tax regime slabs or the new ones, the income tax slabs of India embody a mechanism through which individual taxpayers in India pay their income tax, based on the slab they fall under. It is designed to ensure that those with higher incomes pay a greater amount of tax, while those with lower incomes pay relatively less tax. This ensures a fair distribution of the tax burden in the country. The income tax slabs in India have been in place for a while now, and it tends to change at every budget announcement. The reason for this is to keep up with the changing economic landscape and to ensure that the tax system remains relevant and effective. It's worth noting that the slabs vary based on an individual's income, and therefore, different taxpayers may fall under different tax s...

As a tax-paying citizen in India, you might be already aware of the revision to income tax slabs in India every year. As always, the Finance Minister of India, Nirmala Sitharaman, announced the latest revision to old tax regime slabs in the Union Budget for 2023 on February 1. With the new tax regime slabs, certain changes have come about. For instance, right now, there are two different income tab slabs in India that you can avail of. The old tax regime versus the new tax regime debate is currently abounding, and so, in addition to covering the technicalities of the new tax regime slabs, we would be comparing the two to make the differences clear to you. What are Income Tax Slabs in India?Be it the old tax regime slabs or the new ones, the income tax slabs of India embody a mechanism through which individual taxpayers in India pay their income tax, based on the slab they fall under. It is designed to ensure that those with higher incomes pay a greater amount of tax, while those with lower incomes pay relatively less tax. This ensures a fair distribution of the tax burden in the country. The income tax slabs in India have been in place for a while now, and it tends to change at every budget announcement. The reason for this is to keep up with the changing economic landscape and to ensure that the tax system remains relevant and effective. It's worth noting that the slabs vary based on an individual's income, and therefore, different taxpayers may fall under different tax s...

Old vs new current income tax slabs: When it comes to Budget, the only thing that the salaried class look forward to is the income tax rebate. Finance Minister Nirmala Sitharaman while presenting Budget 2023 on 1 February 2023, tweaked the slabs to provide some relief to the middle class. "It is proposed to increase the rebate for the resident individual under the new regime so that they do not pay tax if their total income is up to ₹7 lakh," Sitharaman said. Currently, a 5 per cent tax is levied on total income between ₹2.5 lakh and ₹5 lakh, 10 per cent on ₹5 lakh to ₹7.5 lakh, 15 per cent on ₹7.5 lakh to ₹10 lakh, 20 per cent on ₹10 lakh to ₹12.5 lakh, 25 per cent on ₹12.5 lakh to ₹15 lakh, and 30 per cent on above ₹15 lakh. Budget 2023: Catch all the Live updates here Budget 2023: Old income tax slab vs new income tax slab New tax slabs 1) No tax would be levied for income up to ₹3 lakh 2) Income between ₹3-6 lakh would be taxed at 5 per cent 3) Income between ₹6-9 lakh would be taxed at 10 per cent 4) Income between ₹9-12 lakh at 15 per cent 5) Income between ₹12-15 lakh at 20 per cent 6) Income of ₹15 lakh and above will be taxed at 30 per cent. Tax Slabs Old Tax Regime New Tax Regime 0-3 lakh NIL NIL 3-6 lakh 5% NIL (Income limit for rebate of income tax increased from ₹5 lakh to ₹7 Lakh) 6-9 lakh 10% 10% 9-12c lakh 15% 15% 12-15 lakh 20% 20% Above 15 lakh 30% 30% Old tax slabs 1) Income up to ₹2.5 is exempt from taxation under old tax regime. 2) Income between ₹2.5 ...

As a tax-paying citizen in India, you might be already aware of the revision to income tax slabs in India every year. As always, the Finance Minister of India, Nirmala Sitharaman, announced the latest revision to old tax regime slabs in the Union Budget for 2023 on February 1. With the new tax regime slabs, certain changes have come about. For instance, right now, there are two different income tab slabs in India that you can avail of. The old tax regime versus the new tax regime debate is currently abounding, and so, in addition to covering the technicalities of the new tax regime slabs, we would be comparing the two to make the differences clear to you. What are Income Tax Slabs in India?Be it the old tax regime slabs or the new ones, the income tax slabs of India embody a mechanism through which individual taxpayers in India pay their income tax, based on the slab they fall under. It is designed to ensure that those with higher incomes pay a greater amount of tax, while those with lower incomes pay relatively less tax. This ensures a fair distribution of the tax burden in the country. The income tax slabs in India have been in place for a while now, and it tends to change at every budget announcement. The reason for this is to keep up with the changing economic landscape and to ensure that the tax system remains relevant and effective. It's worth noting that the slabs vary based on an individual's income, and therefore, different taxpayers may fall under different tax s...

Old vs new current income tax slabs: When it comes to Budget, the only thing that the salaried class look forward to is the income tax rebate. Finance Minister Nirmala Sitharaman while presenting Budget 2023 on 1 February 2023, tweaked the slabs to provide some relief to the middle class. "It is proposed to increase the rebate for the resident individual under the new regime so that they do not pay tax if their total income is up to ₹7 lakh," Sitharaman said. Currently, a 5 per cent tax is levied on total income between ₹2.5 lakh and ₹5 lakh, 10 per cent on ₹5 lakh to ₹7.5 lakh, 15 per cent on ₹7.5 lakh to ₹10 lakh, 20 per cent on ₹10 lakh to ₹12.5 lakh, 25 per cent on ₹12.5 lakh to ₹15 lakh, and 30 per cent on above ₹15 lakh. Budget 2023: Catch all the Live updates here Budget 2023: Old income tax slab vs new income tax slab New tax slabs 1) No tax would be levied for income up to ₹3 lakh 2) Income between ₹3-6 lakh would be taxed at 5 per cent 3) Income between ₹6-9 lakh would be taxed at 10 per cent 4) Income between ₹9-12 lakh at 15 per cent 5) Income between ₹12-15 lakh at 20 per cent 6) Income of ₹15 lakh and above will be taxed at 30 per cent. Tax Slabs Old Tax Regime New Tax Regime 0-3 lakh NIL NIL 3-6 lakh 5% NIL (Income limit for rebate of income tax increased from ₹5 lakh to ₹7 Lakh) 6-9 lakh 10% 10% 9-12c lakh 15% 15% 12-15 lakh 20% 20% Above 15 lakh 30% 30% Old tax slabs 1) Income up to ₹2.5 is exempt from taxation under old tax regime. 2) Income between ₹2.5 ...