What is the difference between old and new tax regime for FY 2023-24?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:50 AM by Product Content Team


Income tax is calculated on income earned by all individuals, Hindu Undivided Family (HUF), partnership firms, and corporates as per the Income Tax Act of India. A tax slab means to pay different tax rates based on different income ranges.  


The difference between the old and new tax regimes for FY 2023-24 is as follows:


The following are the tax slab rates for the new regime:

Min LimitMax LimitTax Rate Surcharge
030000000
30000160000050
600001900000100
9000011200000150
12000011500000200
15000015000000300
5000001100000003010
10000001200000003015
2000000199999999993025
 

The following are the tax slab rates for the old regime:

Min LimitMax LimitTax RateSurcharge
025000000
25000150000050
5000011000000200
10000015000000300
50000011000000300
100000120000003010
2000001500000003015
5000000199999999993025

 


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Related Links:

Video- To watch a video on Budget changes for FY 2023-24, click here.

FAQs: To read more about Budget changes for FY 2023-24, click here.

Documentation:

  • To learn more about the recent Budget changes for FY 2023-24, click here.
  • To learn more about the Tax Slabs of budget changes, click here.

Product Update- To read about the product update, click here.

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