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    FY 2022-23 (AY 2023-24) - Taxguru - in

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    Harshil
    The document discusses the proposed new income tax slabs for fiscal years 2023-24 and 2022-23 in India. Some key points covered include: - The new tax slabs would have rates of nil tax for income up to Rs. 300,000, 5% for Rs. 300,000-600,000, and rates from 10-30% for higher income brackets. - The current tax year 2022-23 slabs are also included for reference, with rates from nil-30% applied to brackets from Rs. 0-15 lakhs. - Additional details are provided around rebates, surcharges, and deductions like section 80TTB applicable to interest income for

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    FY 2022-23 (AY 2023-24) - Taxguru - in

    Uploaded by

    Harshil
    44 views3 pages
    The document discusses the proposed new income tax slabs for fiscal years 2023-24 and 2022-23 in India. Some key points covered include: - The new tax slabs would have rates of nil tax for income up to Rs. 300,000, 5% for Rs. 300,000-600,000, and rates from 10-30% for higher income brackets. - The current tax year 2022-23 slabs are also included for reference, with rates from nil-30% applied to brackets from Rs. 0-15 lakhs. - Additional details are provided around rebates, surcharges, and deductions like section 80TTB applicable to interest income for

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    Indian Tax new & old regime

    Original Title

    FY 2022-23 (AY 2023-24)- taxguru.in

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    The document discusses the proposed new income tax slabs for fiscal years 2023-24 and 2022-23 in India. Some key points covered include: - The new tax slabs would have rates of nil tax for income up to Rs. 300,000, 5% for Rs. 300,000-600,000, and rates from 10-30% for higher income brackets. - The current tax year 2022-23 slabs are also included for reference, with rates from nil-30% applied to brackets from Rs. 0-15 lakhs. - Additional details are provided around rebates, surcharges, and deductions like section 80TTB applicable to interest income for

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    44 views3 pages

    FY 2022-23 (AY 2023-24) - Taxguru - in

    Uploaded by

    Harshil
    The document discusses the proposed new income tax slabs for fiscal years 2023-24 and 2022-23 in India. Some key points covered include: - The new tax slabs would have rates of nil tax for income up to Rs. 300,000, 5% for Rs. 300,000-600,000, and rates from 10-30% for higher income brackets. - The current tax year 2022-23 slabs are also included for reference, with rates from nil-30% applied to brackets from Rs. 0-15 lakhs. - Additional details are provided around rebates, surcharges, and deductions like section 80TTB applicable to interest income for

    Copyright:

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    NEW INCOME TAX SLABS FY 2023-24 (AY 2024-25) / FY 2022-23

    (AY 2023-24)
    AUTHOR :JOTHI75

    https://taxguru.in/income-tax/new-income-tax-slabs-fy-2023-24-ay-2024-25-fy-2022-23-ay-2023-24.html

    New Income Tax Slabs FY 2023-24 (AY 2024-25) / FY 2022-23 (AY 2023-24) – New Tax Rates for FY
    2022-23/ FY 2021-22

    Finance Budget 23-24 New Income Tax Regime

    The most of the common people thought, The budget tax rate effect for FY22-23 , but it not correct it
    Effect only FY 2023-24 (AY 2024-25)

    New IT rate for the income range wise:

    Income range Income tax rate


    Up to Rs. 3,00,000 Nil
    Rs. 300,000 to Rs. 6,00,000 5% on income which exceeds Rs 3,00,000
    Rs. 6,00,000 to Rs. 900,000 Rs 15,000 + 10% on income more than Rs 6,00,000
    Rs. 9,00,000 to Rs. 12,00,000 Rs 45,000 + 15% on income more than Rs 9,00,000
    Rs. 12,00,000 to Rs. 1500,000 Rs 90,000 + 20% on income more than Rs 12,00,000
    Above Rs. 15,00,000 Rs 150,000 + 30% on income more than Rs 15,00,000

    Income tax is levied on the income earned by all the individuals, HUF, partnership firms , LLPs and Corporates
    as per the Income tax Act of India. In the case of individuals, tax is levied as per the slab system if their income
    is above the minimum threshold limit (known as basic exemption limit ).

    Income tax slab rate FY 2021-22 (AY 2022-23) – Applicable for New Tax regime

    New Regime Income Tax Slab Rates FY 2021-22


    Income Tax Slab
    (Applicable for All Individuals & HUF)
    Rs 0.0 – Rs 2.5 lakh NIL
    Rs 2.5 lakh – Rs 3.00 lakh
    5% (tax rebate u/s 87A is available)
    Rs 3.00 lakh – Rs 5.00 lakh
    Rs 5.00 lakh- Rs 7.5 lakh 10%
    New Regime Income Tax Slab Rates FY 2021-22
    Income Tax Slab
    (Applicable for All Individuals & HUF)
    Rs 7.5 lakh – Rs 10.00 lakh 15%
    Rs 10.00 lakhs – Rs 12.50 lakh 20%
    Rs 12.5 lakhs – Rs 15.00 lakh 25%
    > Rs 15 lakh 30%

    NOTE:

    Please note that the tax rates in the New tax regime is the same for all categories of Individuals, i.e
    Individuals & HUF upto 60 years of age, Senior citizens above 60 years upto 80 years , and Super senior
    citizens above 80 years. Hence no increased basic exemption limit benefit will be available to senior and
    super senior citizens in the New Tax regime.
    Individuals with Net taxable income less than or equal to Rs 5 lakh will be eligible for tax rebate u/s 87A
    i.e tax liability will be nil of such individual in both – New and old/existing tax regimes.
    Basic exemption limit for NRIs is of Rs 2.5 Lakh irrespective of age.
    Additional Health and Education cess at the rate of 4 % will be added to the income tax liability in all
    cases. (increased from 3% since FY 18-19)
    Surcharge applicable as per tax rates below in all categories mentioned above:
    1. 10% of Income tax if total income > Rs.50 lakh
    2. 15% of Income tax if total income > Rs.1 crore
    3. 25% of Income tax if total income > Rs.2 crore
    4. 37% of Income tax if total income > Rs.5 crore.

    New Tax regime on interest earned from deposits


    Income tax deduction on interest on bank deposits

    What tax deduction specified in the FY 22-23 which you continue the same for FY 23-24, In additional to that
    the tax slab rate would be high from 2.5 to 3 lac and rebate u/s 87A from 5 to 7 lac .

    Section 80TTB – allows tax benefits on interest earned from deposits with banks, post office copt bank. It is
    allowed for a maximum interest income of up to ? 50,000 earned by the Senior Citizen. Both the interest on
    saving deposits and fixed deposits are eligible for deduction under this provision.

    Tax Slabs for AY 2022-23:-


    Senior and Super Senior Citizens can opt for the Existing Tax Regime or the New Tax Regime with lower rate of
    taxation (u/s 115 BAC of the Income Tax Act)

    The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain exemptions and
    deductions (like 80C, 80D,80TTB, HRA) available in the Existing Tax Regime.

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