Confused about the income tax slab for AY:2023 – 2024? This comprehensive article will answer all your questions regarding the new income tax rates and how they will affect you.
Introduction
Every year, the government of India announces the income tax rates for the upcoming financial year. For AY:2023 – 2024, the income tax slab has been revised, and taxpayers need to be aware of the new rates to plan their finances accordingly. In this article, we will discuss the new income tax slab for AY:2023 – 2024 and answer some frequently asked questions.
New Income Tax Slab for AY:2023 - 2024
Individuals
- For individuals with an annual income of up to Rs. 2.5 lakhs, there is no tax liability.
- For individuals earning between Rs. 2.5 lakhs and Rs. 5 lakhs, the tax rate is 5%.
- For individuals earning between Rs. 5 lakhs and Rs. 7.5 lakhs, the tax rate is 10%.
- For individuals earning between Rs. 7.5 lakhs and Rs. 10 lakhs, the tax rate is 15%.
- For individuals earning between Rs. 10 lakhs and Rs. 12.5 lakhs, the tax rate is 20%.
- For individuals earning between Rs. 12.5 lakhs and Rs. 15 lakhs, the tax rate is 25%.
- For individuals earning above Rs. 15 lakhs, the tax rate is 30%.
Senior Citizens
- For senior citizens (aged 60 years or above) with an annual income of up to Rs. 3 lakhs, there is no tax liability.
- For senior citizens earning between Rs. 3 lakhs and Rs. 5 lakhs, the tax rate is 5%.
- For senior citizens earning between Rs. 5 lakhs and Rs. 7.5 lakhs, the tax rate is 10%.
- For senior citizens earning between Rs. 7.5 lakhs and Rs. 10 lakhs, the tax rate is 15%.
- For senior citizens earning between Rs. 10 lakhs and Rs. 12.5 lakhs, the tax rate is 20%.
- For senior citizens earning between Rs. 12.5 lakhs and Rs. 15 lakhs, the tax rate is 25%.
- For senior citizens earning above Rs. 15 lakhs, the tax rate is 30%.