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Income tax slabs rates for financial year 2023-2024
Income tax slab rate for individual taxpayers (age less than 60 years) for FY 2023-2024
| Old tax regime | New tax regime u/s 115BAC | ||
|---|---|---|---|
| Income tax slab | Income tax rate | Income tax slab | Income tax rate |
| Up to ₹2,50,000 | Nil | Up to ₹3,00,000 | Nil |
| ₹2,50,001 to ₹5,00,000 | 5% above ₹2,50,000 | ₹3,00,001 – ₹6,00,000 | 5% above ₹ 3,00,000 |
| ₹5,00,001 to ₹10,00,000 | ₹12,500 + 20% above ₹5,00,000 | ₹ 6,00,001 – ₹ 9,00,000 | ₹ 15,000 + 10% above ₹ 6,00,000 |
| Above ₹10,00,000 | ₹1,12,500 + 30% above ₹10,00,000 | ₹ 9,00,001 – ₹ 12,00,000 | ₹ 45,000 + 15% above ₹ 9,00,000 |
| ₹ 12,00,001 – ₹ 15,00,000 | ₹ 90,000 + 20% above ₹ 12,00,000 | ||
| Above ₹ 15,00,000 | ₹ 1,50,000 + 30% above ₹ 15,00,000 | ||
Income tax slab rate for individual taxpayers (age less than 80 years and above 60 years) for FY 2023-2024
| Old tax regime | New tax regime u/s 115BAC | ||
|---|---|---|---|
| Income tax slab | Income tax rate | Income tax slab | Income tax rate |
| Up to ₹3,00,000 | Nil | Up to ₹3,00,000 | Nil |
| ₹3,00,001 to ₹5,00,000 | 5% above ₹2,50,000 | ₹3,00,001 – ₹6,00,000 | 5% above ₹ 3,00,000 |
| ₹5,00,001 to ₹10,00,000 | ₹12,500 + 20% above ₹5,00,000 | ₹ 6,00,001 – ₹ 9,00,000 | ₹ 15,000 + 10% above ₹ 6,00,000 |
| Above ₹10,00,000 | ₹1,12,500 + 30% above ₹10,00,000 | ₹ 9,00,001 – ₹ 12,00,000 | ₹ 45,000 + 15% above ₹ 9,00,000 |
| ₹ 12,00,001 – ₹ 15,00,000 | ₹ 90,000 + 20% above ₹ 12,00,000 | ||
| Above ₹ 15,00,000 | ₹ 1,50,000 + 30% above ₹ 15,00,000 | ||
Income tax slab rate for individual taxpayers (age 80 years and above) for FY 2023-2024
| Old tax regime | New tax regime u/s 115BAC | ||
|---|---|---|---|
| Income tax slab | Income tax rate | Income tax slab | Income tax rate |
| Up to ₹2,50,000 | Nil | Up to ₹3,00,000 | Nil |
| ₹2,50,001 to ₹5,00,000 | Nil | ₹3,00,001 – ₹6,00,000 | 5% above ₹ 3,00,000 |
| ₹5,00,001 to ₹10,00,000 | ₹12,500 + 20% above ₹5,00,000 | ₹ 6,00,001 – ₹ 9,00,000 | ₹ 15,000 + 10% above ₹ 6,00,000 |
| Above ₹10,00,000 | ₹1,12,500 + 30% above ₹10,00,000 | ₹ 9,00,001 – ₹ 12,00,000 | ₹ 45,000 + 15% above ₹ 9,00,000 |
| ₹ 12,00,001 – ₹ 15,00,000 | ₹ 90,000 + 20% above ₹ 12,00,000 | ||
| Above ₹ 15,00,000 | ₹ 1,50,000 + 30% above ₹ 15,00,000 | ||
Surcharge of Income tax calculated using above rates for financial year 2023-2024
| Total Income | Old Tax Regime | New Tax regime |
| Up to Rs. 50 Lakh | Nil | Nil |
| Above Rs. 50 Lakh and up to Rs. 1 Crore | 10% | 10% |
| Above Rs. 1 Crore and up to Rs. 2 Crore | 15% | 15% |
| Above Rs. 2 Crore and up to Rs. 5 Crore | 25% | 25% |
| Above Rs. 5 Crore | 37% | 25% |
Educational Cess
After surcharge is added to income tax calculated, educational cess at the rate of 4 % is added in both the schemes.
Tax rebate, U/s 87A
Maximum tax rebate under old tax regime is Rs.12500 if total income is up to Rs.5,00,000.
Maximum tax rebate under new tax regime is Rs.25000 if total income is up to Rs.7,00,000.
