Income Tax Slab for AY 2023-24 PDF Summary
Dear readers, here we are offering Income Tax Slab for AY 2023-24 PDF to all of you. Finance Minister Nirmala Sitharaman has presented the general budget. In the Budget 2023, the middle class has been battered. If seen for the last 5 years, apart from changing the tax regime, the taxpayer has not got any major relief in income tax.
The income tax exemption limit has been increased to Rs 3 lakh. What the common man waits for the most in the budget is the Finance Minister’s announcement on income tax. Sitharaman said that those earning Rs 3 to 6 lakh annually will have to pay 5% tax.
The last change in the income tax slab was made in the year 2017-18. In such a situation, this time the taxpayer is expecting a big relief from the Finance Minister.Rs 9 lakh to Rs 12 lakh will be taxed at 15%, Rs 12 lakh to Rs 15 lakh at 20% and income above Rs 15 lakh will be taxed at 30%.
Income Tax Slab for AY 2023-24 PDF
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Income tax slabs and rates for FY 2022-23 |
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Old tax regime (With deductions and exemptions) |
Total income |
New tax regime (without deductions and exemptions) |
| Nil | Up to Rs 2.5 lakh | NIL |
| 5% | From Rs 2,50,001 to Rs 5 lakh | 5% |
| 20% | From Rs 5,00,001 to Rs 7.5 lakh | 10% |
| From Rs 7,50,001 to Rs 10 lakh | 15% | |
| 30% | From Rs 10,00,001 to Rs 12.5 lakh | 20% |
| From Rs 12,50,001 to Rs 15 lakh | 25% | |
| From Rs 15,00,001 and above | 30% | |
Income Tax Slabs and Rates 2023 (New Regime)
|
Total Income (Rs) |
Rate |
| Up to 2,50,000 | Nil |
| From 2,50,001 to 5,00,000 | 5% |
| From 5,00,001 to 7,50,000 | 10% |
| From 7,50,001 to 10,00,000 | 15% |
| From 10,00,001 to 12,50,000 | 20% |
| From 12,50,001 to 15,00,000 | 25% |
| Above 15,00,000 | 30% |
Income Tax Slabs and Rates 2023 (Old Regime)
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Individuals |
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(Other than senior and super senior citizens) |
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| Net Income Range |
Rate of Income-tax |
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Assessment Year 2021-22 |
Assessment Year 2020-21 |
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| Up to Rs. 2,50,000 | – | – |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
| Senior Citizen | ||
| (who is 60 years or more at any time during the previous year) | ||
| Net Income Range | Rate of Income-tax | |
| Assessment Year 2021-22 | Assessment Year 2020-21 | |
| Up to Rs. 3,00,000 | – | – |
| Rs. 3,00,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
There was no change in Tax Slab and Rates under the Old Regime
- Annual income up to Rs 2.5 lakh: NIL
- Annual income up to Rs 2.5- 5 lakh: 5%
- Annual income up to Rs 5-10 lakh: 20%
- Annual income up to Rs 10-20 lakh: 30%
- Annual income above Rs 20 lakh: 30%
Income Tax Slab for People Between 60 to 80 Years
|
Tax Slabs |
Rates |
| Rs. 3 lakhs | NIL |
| Rs. 3 lakhs – Rs. 5 lakhs | 5.00% |
| Rs. 5 lakhs – Rs. 10 lakhs | 20.00% |
| Rs. 10 lakhs and more | 30.00% |
Income Tax Slab for People More than 80 Years
| Tax Slabs | Rates |
| Rs. 5 lakhs | NIL |
| Rs. 5 lakhs – Rs. 10 lakhs | 20.00% |
| Rs, ten lakhs and more | 30.00% |
Tax Slabs from Domestic Companies
|
Turnover of the Company |
Rates |
| Rs. 250 crores for the previous years | 25% |
| More than Rs. 250 for the previous year’s turnover | 30% |
Surcharge
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Income Range |
2022-23 Rates | 2023-24 Rates |
| Rs.50 lakhs to Rs.1 crore | 10% | 10% |
| Rs.1 crore to Rs.2 crore | 15.00% | 15% |
| Rs.2 crores to Rs.5 crore | 25.00% | 25% |
| Rs.5 crores to Rs.10 crore | 37.00% | 37% |
| More than Rs.10 crore | 37.00% | 37% |
You can download Income Tax Slab for AY 2023-24 PDF by clicking on the following download button.
