Income Tax Slab A.Y.2023-24 (F.Y.2022-23)

Income Tax Slab (Old Tax Regime) A.Y. 2023-24

Income Tax Slab (Old Tax Regime) AY 2023-24 (Less Than 60 Years of Age)
Applicable To: 
Assessee Type: Applicable to Resident Individual/NRI/HUF/AOP/BOI/AJP
Age: Less Than 60 Years on the last day of the previous Year (Date of birth on or after April 2, 1963)
Assessment Year: 2023-24 

Income Range Income Tax Rates Surcharge Health and Education Cess
Up to ₹2,50,000 Nil Nil Nil
₹2,50,000 – ₹5 lakh 5% of (total income minus ₹2,50,000) Nil 4% of Income Tax
₹5 Lakh – ₹10 Lakh ₹12,500 + 20% of (total income minus ₹5 Lakh) Nil 4% of Income Tax
₹10 Lakh to ₹50 Lakh ₹1,12,500 + 30% of (total income minus ₹10 Lakh) Nil 4% of Income Tax and Surcharge
₹50 Lakh to ₹1 Crore ₹13,12,500 + 30% of (total income minus ₹ 50 Lakh) 10% of Income tax 4% of Income Tax and Surcharge
₹1 Crore to ₹2 Crores ₹28,12,500 + 30% of (total income minus ₹ 1 Crore) 15% of Income Tax 4% of Income Tax and Surcharge
₹2 Crores to ₹5 Crores ₹58,12,500 + 30% of (total income minus ₹2 Crores) 25% of Income Tax 4% of Income Tax and Surcharge
Above ₹5 Crores ₹1,48,12,500 + 30% of (total income minus ₹ 5 Crores) 37% of Income Tax 4% of Income tax and Surcharge

Income Tax Slab (Old Tax Regime) AY 2023-24 (60 Years of Age or Above)
Applicable To: 
Assessee Type: Applicable to Resident Individual   
Age: 60 to 80 Years (Date of Birth on or after April 2, 1943, but before April 2, 1963)
Assessment Year: 2023-24

Income Range Income Tax Rates Surcharge Health and Education Cess
Up to ₹3,00,000 Nil Nil Nil
₹3,50,000 – ₹5 lakh 5% of (total income minus ₹3,00,000) Nil 4% of Income Tax
₹5 Lakh – ₹10 Lakh ₹10,000 + 20% of (total income minus ₹5 Lakh) Nil 4% of Income Tax
₹10 Lakh to ₹50 Lakh ₹1,10,000 + 30% of (total income minus ₹10 Lakh) Nil 4% of Income Tax and Surcharge
₹50 Lakh to ₹1 Crore ₹13,10,000 + 30% of (total income minus ₹ 50 Lakh) 10% of Income tax 4% of Income Tax and Surcharge
₹1 Crore to ₹2 Crores ₹28,10,000 + 30% of (total income minus ₹ 1 Crore) 15% of Income Tax 4% of Income Tax and Surcharge
₹2 Crores to ₹5 Crores ₹58,10,000 + 30% of (total income minus ₹2 Crores) 25% of Income Tax 4% of Income Tax and Surcharge
Above ₹5 Crores ₹1,48,10,000 + 30% of (total income minus ₹ 5 Crores) 37% of Income Tax 4% of Income tax and Surcharge

Income Tax Slab (Old Tax Regime) AY 2023-24 (80 Years of Age or Above)
Applicable To: 
Assessee Type: Applicable to Resident Individual
Age: 80 Years or Above  (Date of Birth before April 2, 1943)
Assessment Year: 2023-24

Income Range Income Tax Rates Surcharge Health and Education Cess
Up to ₹5 Lakh Nil Nil Nil
₹5 Lakh – ₹10 Lakh 20% of (total income minus ₹5 Lakh) Nil 4% of Income Tax
₹10 Lakh to ₹50 Lakh ₹1,00,000 + 30% of (total income minus ₹10 Lakh) Nil 4% of Income Tax and Surcharge
₹50 Lakh to ₹1 Crore ₹13,00,000 + 30% of (total income minus ₹ 50 Lakh) 10% of Income tax 4% of Income Tax and Surcharge
₹1 Crore to ₹2 Crores ₹28,00,000 + 30% of (total income minus ₹ 1 Crore) 15% of Income Tax 4% of Income Tax and Surcharge
₹2 Crores to ₹5 Crores ₹58,00,000 + 30% of (total income minus ₹2 Crores) 25% of Income Tax 4% of Income Tax and Surcharge
Above ₹5 Crores ₹1,48,00,000 + 30% of (total income minus ₹ 5 Crores) 37% of Income Tax 4% of Income tax and Surcharge

Income Tax Slab (New Tax Regime) A.Y.2023-24

HUFs and individuals interested in opting for the new tax regime for the Assessment Year 2023-24 are advised to use Form 10IE.

Income Tax Slab (Old Tax Regime) AY 2023-24 (For All Ages)
Applicable To: 
Assessee Type: Applicable to Resident Individual/NRI/HUF/AOP/BOI/AJP
Age: For All Age Group
Assessment Year: 2023-24

Income Tax Rates
Up to Rs 2,50,000 Nil
Rs 2,50,000 to Rs 5,00,000 5% of (total income – Rs 2,50,000)
Rs 5,00,000 to Rs 7,50,000 Rs 12,500 + 10% of (total income – Rs 5,00,000)
Rs 7,50,000 to Rs 10,00,000 Rs 37,500 + 15% of (total income – Rs 7,50,000)
Rs 10,00,000 to Rs 12,50,000 Rs 75,000 + 20% of (total income – Rs 10,00,000)
Rs 12,50,000 to Rs 15,00,000 Rs 1,25,000 + 25% of (total income – Rs 12,50,000)
Above Rs 15,00,000 Rs 1,87,500 + 30% of (total income – Rs 15,00,000)

These income tax slabs and rates are applicable for AY 2023-24 and are specific to the new tax regime. Individuals have the choice to assess their tax liability and decide whether to opt for the new tax regime or continue with the old tax regime based on their financial circumstances and potential tax savings.

Important Notes About Income Tax Slabs

1. Rebate Under Section 87A (A.Y.2023-24)

Please note that the rebate under Section 87A is available to resident individuals whose total income does not exceed Rs. 500,000. They are eligible for a rebate of up to Rs. 12,500. However, certain special incomes are not eligible for this rebate as mentioned in Paragraph 6. Additionally, the rebate is applicable even if the assessee has opted for the alternative tax regime.

2. Surcharge AY 2023-24

– 10%: Applicable to taxable income above ₹50 lakh up to ₹1 crore
– 15%: Applicable to taxable income above ₹1 crore up to ₹2 crore
– 25%: Applicable to taxable income above ₹2 crore up to ₹5 crore
– 37%: Applicable to taxable income above ₹5 crore

The maximum surcharge rate on income from dividends or income under Sections 111A, 112, and 112A is 15%.

3. Marginal Relief for A.Y. 2023-24

– The surcharge is subject to marginal relief.
– If the net income exceeds Rs. 50 Lakh:
– The amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 50 Lakh by more than the amount of income that exceeds Rs. 50 Lakh.
– If the net income is in the range of Rs. 1 crore – Rs. 2 crores:
– The amount payable as income-tax and surcharge shall not exceed the income that exceeds Rs. 1 crore.
– If the net income is in the range of Rs. 2 crores to Rs. 5 crores:
– The amount payable as income-tax and surcharge shall not exceed the amount payable as income-tax and surcharge on total income of Rs. 2 crores by more than the amount of income that exceeds Rs. 2 crores.
– If the net income is above Rs. 5 crores:
– The amount payable as income-tax and surcharge shall not exceed the total amount payable as income-tax and surcharge on total income of Rs. 5 crores by more than the amount of income that exceeds Rs. 5 crores.

Age Criteria for A.Y. 2023-24 

Category Age Range Date of Birth
Super Senior Citizen 80 years or more Born on or before 1st April 1943
Senior Citizen 60 years or more but less than 80 years Born between 2nd April 1943 and 1st April 1963
Others Below 60 years Born on or after 2nd April 1963

What is Old Tax Regime and New Tax Regime AY 2023-24

Aspect Old Tax Regime A.Y. 2023-24 New Tax Regime A.Y.2023-24
Considerations Allows deductions, exemptions, and allowances Does not consider most deductions and exemptions
Tax Calculation Tax calculated after considering eligible deductions Tax calculated based on prescribed tax rates without deductions
Tax Rates Higher tax rates compared to the New Tax Regime Lower tax rates compared to the Old Tax Regime
Complexity More complex due to the need to compute and claim deductions Simpler as most deductions and exemptions are not considered

You have the freedom to choose the tax regime that works best for you.

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