Family pensioners opting for the new tax regime can claim a standard deduction of Rs 15,000 from their pension income. Slashed the surcharge limit:- Reduction in the surcharge on annual income above 5 crores from 37% to 25% under the new regime. The highest tax rate is 42.74%, which would slash the maximum tax rate to 39% after this reduction.

Deductions and Exemptions: Old vs New Regime. Below is a comparison of the exemptions and.

In the Union Budget 2023, FM Nirmala Sitharaman announced the increase in rebate limit to Rs. 7 Lakhs in new tax regime. This will be effective from April 1st 2023. As a result of the announcement, taxpayers faced difficulty in understanding which tax regime will be beneficial. New Tax Calculator Launched

Income tax rates and slabs in new tax regime for FY 2021-22 As it can be seen from the table above, unlike in the old regime where the highest tax rate of 30% is levied on individuals having income starting from Rs 10,00,001, the highest tax rate in the new tax regime is levied on individuals having income starting from Rs 15,00,001.

The basic exemption limit under the new income tax regime 2023 has been hiked to Rs 3 lakh. In the existing income tax regime the exemption limit is Rs 2.5 lakh. Is home loan included in new tax regime? Tax benefit for home loan interest on self-occupied property is not included in the new income tax regime 2023-24.

Old Tax Regime: Income Tax Slabs and Rates for FY 2022-23 Every year, the finance minister of India announces the new income tax slabs. There are now two separate income tax regimes in place. For some taxpayers its beneficial to opt for new tax regime and for some its beneficial to opt for old tax regime.

For the financial year 2023-24, which starts on April 1, 2023, the changes announced in the new tax regime are as follows: The basic exemption limit hiked to Rs 3 lakh from Rs 2.5 lakh under the new income regimeNew tax regime becomes the default option for taxpayers. However, they have the option to opt for the old tax regimeIncome tax.

Revised Income Tax Slabs for the New Tax Regime (default) FY 2023–24: Up to Rs.3 lakh - 0% (Nil) Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30% Note: You can now file your taxes through the New income tax portal.

Income Tax Slabs in India | Updated Tax Slabs & Rates for New & Old Regime, FY 2022-23 (AY 2023-24) & FY 2023-24 (AY 2024-25) New Income Tax Slabs for FY 2023-24 (AY 2024-25) Updated on: 03 May, 2023 02:52 PM Check Income Tax Slabs for FY 2023-24 & FY 2022-23

What is the New Income Tax Slab 2023-24 for Senior Citizens? Union Budget 2023 proposed new income tax slabs and rates under the simplified tax regime. Written by Rajeev Kumar.

Tax Slabs for AY 2023-24. Individuals and HUFs can opt for the Old Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act) The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D, 80TTB, HRA) available in the Old Tax Regime.