Individual Income Tax Slabs for AY 2023-24
September 13, 2023
Income Tax Slab Rates for Assessment Year 2023-24 (Financial Year 2022-23)
Below are the details of the income tax rates in India by new and old tax regimes for various sections of the tax payers.
1. Individuals under the age of 60 years, Hindu Undivided Family (HUF), Non-Resident (NRI) with income in India
| Net Taxable Income | New Tax Regime Income Tax Slab | Old Tax Regime Income Tax Slab |
|---|---|---|
| Upto ₹2,50,000 | Exempt | Exempt |
| ₹2,50,001 upto ₹5,00,000 | 5% | 5% |
| ₹5,00,001 upto ₹7,50,000 | 10% | 20% |
| ₹7,50,001 upto ₹10,00,000 | 15% | 20% |
| ₹10,00,001 upto ₹12,50,000 | 20% | 30% |
| ₹12,50,001 upto ₹15,00,000 | 25% | 30% |
| Over ₹15,00,000 | 30% | 30% |
2. Senior Citizen tax payers are individuals above 60 years of age but below 80 years of age. The tax slabs for these individuals are as below:
| Net Taxable Income | New Tax Regime Income Tax Slab | Old Tax Regime Income Tax Slab |
|---|---|---|
| Upto ₹2,50,000 | Exempt | Exempt |
| ₹2,50,001 upto ₹3,00,000 | 5% | Exempt |
| ₹3,00,001 upto ₹5,00,000 | 5% | 5% |
| ₹5,00,001 upto ₹7,50,000 | 10% | 20% |
| ₹7,50,001 upto ₹10,00,000 | 15% | 20% |
| ₹10,00,001 upto ₹12,50,000 | 20% | 30% |
| ₹12,50,001 upto ₹15,00,000 | 25% | 30% |
| Over ₹15,00,000 | 30% | 30% |
3. Finally, tax slabs for Super Senior Citizens i.e. individuals who are above the age of 80 years are as below:
| Net Taxable Income | New Tax Regime Income Tax Slab | Old Tax Regime Income Tax Slab |
|---|---|---|
| Upto ₹2,50,000 | Exempt | Exempt |
| ₹2,50,001 upto ₹5,00,000 | 5% | Exempt |
| ₹5,00,001 upto ₹7,50,000 | 10% | 20% |
| ₹7,50,001 upto ₹10,00,000 | 15% | 20% |
| ₹10,00,001 upto ₹12,50,000 | 20% | 30% |
| ₹12,50,001 upto ₹15,00,000 | 25% | 30% |
| Over ₹15,00,000 | 30% | 30% |
Note: Above details are meant for generalized situations and shall not be used as a legal basis for any particular situation readers may have. We do provide tax consultations for specific scenarios and can be reached through our contact us form.
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