Tax slab 2023 old regime

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...

New Income Tax Regime vs Old Income Tax Regime : Finance Minister Nirmala Sitharaman has revamped the new Also See: So which income tax regime should you opt for? The table below analyses the income tax outgo in the existing regular income tax regime, the current concessional income tax regime, and the new income tax regime announced by FM Sitharaman in Salary income before any deductions / exemptions Existing regime Current new regime Proposed new regime 5,00,000 - - - 5,50,000 - 18,200 - 6,00,000 - 23,400 - 7,00,000 - 33,800 - 7,50,000 23,400 39,000 - 10,00,000 75,400 78,000 54,600 15,00,000 2,10,660 1,95,000 1,45,600 30,00,000 6,78,600 6,63,000 6,08,400 70,00,000 21,19,260 21,02,100 20,42,040 1,50,00,000 50,85,990 50,68,050 50,05,260 5,00,00,000 1,91,78,250 1,91,58,750 1,90,90,500 5,50,00,000 2,31,56,562 2,31,35,190 2,10,40,500 6,00,00,000 2,52,93,762 2,52,72,390 2,29,90,500 Assumptions: EY has considered a total of Rs 2,00,000 worth of deductions and exemptions (including standard deduction) for the purpose of above table under the existing tax regime. The above table caters to resident individual below 60 years of age. Now, standard deduction of Rs 50,000 is available by default under the proposed new regime (similar to the existing tax regime). 06:03 New Income Tax 2023 Explained: How much tax will you pay for different slabs As is evident from the table above, if you avail tax exemptions of up to Rs 2 lakh including standard deduction, the new income tax slabs under...

• Income Tax Slabs as per New Regime for FY 2023-24 (AY 2024-25) • Income Tax Slabs as per New Regime for FY 2022-23 • Income Tax Slabs According to Old Regime • Income Tax Slabs for New vs Old Tax Regime • Taxation of Companies • Income Tax Slab Rates for FY 2021-22 • Income Tax Slab Rates for FY 2020-21 • Frequently Asked Questions Budget Feb 1, 2023 (Income tax slab updates) 1) Income tax exemption limit increased from Rs 2.5 lakh to Rs 3 lakh 2) Tax Rebate under section 87A increased from Rs 5 lakh to Rs 7 lakh 3) Going forward, the new income tax regime is the default tax regime. However, the taxpayers will have the option to continue with the old income tax regime. Income Tax Slabs as per New Regime for FY 2023-24 (AY 2024-25) Annual Income Slab Income Tax Rate (New Regime) 0 – 3 Lakhs 0% 3 Lakhs – 6 Lakhs 5% 6 Lakhs – 9 Lakhs 10% 9 Lakhs – 12 Lakhs 15% 12 Lakhs – 15 Lakhs 20% Above 15 Lakhs 30% Income Tax Slabs as per New Regime for FY 2022-23 Income Tax Slab Income Tax Rate Upto Rs 2.5 lakh Nil Rs 2.5 – Rs 5 lakh 5% Rs 5 – Rs 7.5 lakh 10% Rs 7.5 – Rs 10 lakh 15% Rs 10 – Rs 12.50 lakh 20% Rs 12.5 – Rs 15 lakh 25% > Rs 15 lakh 30% Income Tax Slabs According to Old Regime Old Tax Slabs Tax Rates (60 Year Age) Tax Rates ( >80 years Age) Tax Rates (HUF) Upto Rs 2.5 lakh NIL NIL NIL NIL Rs 2.5 – Rs 3 lakh 5% 5% NIL NIL Rs 3 – Rs 5 lakh 5% 5% 5% NIL Rs 5 – Rs 7.5 lakh 20% 10% 10% 20% Rs 7.5 – Rs 10 lakh 20% 15% 15% 20% Rs 10 – Rs 12.50 lakh 30% 20% 20% 30% Rs 12.5 – Rs 15...

Income Tax Calculator AY 2023-24: You can calculate your income tax liability for the Assessment Year 2023-24 under Old and New tax regimes by using the following Income Tax Calculator. This will also help you find out which regime is more suitable for you. Finance Minister Nirmala Sitharaman on February 1 2023 proposed a change in Income Tax slabs under Tax Regime. This calculator has been updated as per FM’s announcements. Note: For Assessment Year 2023-24, you will be filing an Income Tax Return for expenses/income/investments/savings made in FY 2022-23. The tax rates and slabs applicable for AY 2023-24 would be the current tax slab rates. ( Also Check: ITR filing Last Date 2023: Due date to file Income Tax Return Online for AY 2023-24 Why should you use Income Tax Calculator? The income Tax New Regime Income Tax Slab Rates Following are the currently applicable Income Tax Slabs and Rates 2023 (New Regime) Following are the new tax slabs in the New Tax Regime as per FM Nirmala Sitharaman’s Budget Speech 2023 Income Tax Rates For AY 2023-24 (New Regime) • 0 to Rs 2.5 lakh: NIL • Rs 2.5 to Rs 5 lakh: 5% above Rs 2.5 lakh • Rs 5 lakh to Rs 7.5 lakh: Rs 12,500 + 10% above Rs 5 lakh • Rs 7.5 lakh to Rs 10 lakh: Rs 37,500 + 15% above Rs 7.5 lakh • Rs 10 lakh to Rs 12.5 lakh: Rs 75,00- + 20% above Rs 10 lakh • Rs 12.5 lakh to Rs 15 lakh: Rs 1,25,000 + 25% above Rs 12.5 lakh • Above Rs 15 lakh: Rs 1,87,500 + 30% above Rs 15 lakh Income Tax Slabs and Rates 2023 (Old Regime) Ther...

Budget 2023: One of the key demands from the Union Budget has been to change the existing personal income tax structure in order to provide relief to a large section of people, especially the salaried and middle class. Reportedly, the government has examined proposals to add more slabs to the new income tax scheme. What is an income tax slab? Income tax is levied on individual taxpayers on the basis of a slab system. It is a system where different tax rates are prescribed for different ranges of income. It means the tax rates keep increasing with an increase in the income of the taxpayer. Income Tax Slabs: Budget 2023 will soon be announced by Finance Minister Nirmala Sitharaman. It is expected that the FM will make the announcement regarding the income tax slabs and rates, which is one of the key watch out for by many, including the salaried and the middle class. Experts expect some income tax relief this year. Currently, the income tax is exempt for individuals on an annual income of up to Rs 2.5 lakh, while it can be tax-free up to Rs 5 lakh under the new tax regime using rebate under Section 87A. Here’s the comparison of the current income tax rates and slabs under the new regime and the old regime. In India, currently there are two income tax regimes. Individuals can use any one of these. Under the old regime, the income tax is exempt up to Rs 2.5 lakh/annum, and over and above this, various deductions can be claimed under Section 80C, 80D, 80CCD, etc, to reduce taxab...

Budget 2023: One of the key demands from the Union Budget has been to change the existing personal income tax structure in order to provide relief to a large section of people, especially the salaried and middle class. Reportedly, the government has examined proposals to add more slabs to the new income tax scheme. What is an income tax slab? Income tax is levied on individual taxpayers on the basis of a slab system. It is a system where different tax rates are prescribed for different ranges of income. It means the tax rates keep increasing with an increase in the income of the taxpayer. Income Tax Slabs: Budget 2023 will soon be announced by Finance Minister Nirmala Sitharaman. It is expected that the FM will make the announcement regarding the income tax slabs and rates, which is one of the key watch out for by many, including the salaried and the middle class. Experts expect some income tax relief this year. Currently, the income tax is exempt for individuals on an annual income of up to Rs 2.5 lakh, while it can be tax-free up to Rs 5 lakh under the new tax regime using rebate under Section 87A. Here’s the comparison of the current income tax rates and slabs under the new regime and the old regime. In India, currently there are two income tax regimes. Individuals can use any one of these. Under the old regime, the income tax is exempt up to Rs 2.5 lakh/annum, and over and above this, various deductions can be claimed under Section 80C, 80D, 80CCD, etc, to reduce taxab...

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...

New Income Tax Regime vs Old Income Tax Regime : Finance Minister Nirmala Sitharaman has revamped the new Also See: So which income tax regime should you opt for? The table below analyses the income tax outgo in the existing regular income tax regime, the current concessional income tax regime, and the new income tax regime announced by FM Sitharaman in Salary income before any deductions / exemptions Existing regime Current new regime Proposed new regime 5,00,000 - - - 5,50,000 - 18,200 - 6,00,000 - 23,400 - 7,00,000 - 33,800 - 7,50,000 23,400 39,000 - 10,00,000 75,400 78,000 54,600 15,00,000 2,10,660 1,95,000 1,45,600 30,00,000 6,78,600 6,63,000 6,08,400 70,00,000 21,19,260 21,02,100 20,42,040 1,50,00,000 50,85,990 50,68,050 50,05,260 5,00,00,000 1,91,78,250 1,91,58,750 1,90,90,500 5,50,00,000 2,31,56,562 2,31,35,190 2,10,40,500 6,00,00,000 2,52,93,762 2,52,72,390 2,29,90,500 Assumptions: EY has considered a total of Rs 2,00,000 worth of deductions and exemptions (including standard deduction) for the purpose of above table under the existing tax regime. The above table caters to resident individual below 60 years of age. Now, standard deduction of Rs 50,000 is available by default under the proposed new regime (similar to the existing tax regime). 06:03 New Income Tax 2023 Explained: How much tax will you pay for different slabs As is evident from the table above, if you avail tax exemptions of up to Rs 2 lakh including standard deduction, the new income tax slabs under...

Income Tax Calculator AY 2023-24: You can calculate your income tax liability for the Assessment Year 2023-24 under Old and New tax regimes by using the following Income Tax Calculator. This will also help you find out which regime is more suitable for you. Finance Minister Nirmala Sitharaman on February 1 2023 proposed a change in Income Tax slabs under Tax Regime. This calculator has been updated as per FM’s announcements. Note: For Assessment Year 2023-24, you will be filing an Income Tax Return for expenses/income/investments/savings made in FY 2022-23. The tax rates and slabs applicable for AY 2023-24 would be the current tax slab rates. ( Also Check: ITR filing Last Date 2023: Due date to file Income Tax Return Online for AY 2023-24 Why should you use Income Tax Calculator? The income Tax New Regime Income Tax Slab Rates Following are the currently applicable Income Tax Slabs and Rates 2023 (New Regime) Following are the new tax slabs in the New Tax Regime as per FM Nirmala Sitharaman’s Budget Speech 2023 Income Tax Rates For AY 2023-24 (New Regime) • 0 to Rs 2.5 lakh: NIL • Rs 2.5 to Rs 5 lakh: 5% above Rs 2.5 lakh • Rs 5 lakh to Rs 7.5 lakh: Rs 12,500 + 10% above Rs 5 lakh • Rs 7.5 lakh to Rs 10 lakh: Rs 37,500 + 15% above Rs 7.5 lakh • Rs 10 lakh to Rs 12.5 lakh: Rs 75,00- + 20% above Rs 10 lakh • Rs 12.5 lakh to Rs 15 lakh: Rs 1,25,000 + 25% above Rs 12.5 lakh • Above Rs 15 lakh: Rs 1,87,500 + 30% above Rs 15 lakh Income Tax Slabs and Rates 2023 (Old Regime) Ther...