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 Limit | Max Limit | Tax Rate | Surcharge |
0 | 300000 | 0 | 0 |
300001 | 600000 | 5 | 0 |
600001 | 900000 | 10 | 0 |
900001 | 1200000 | 15 | 0 |
1200001 | 1500000 | 20 | 0 |
1500001 | 5000000 | 30 | 0 |
5000001 | 10000000 | 30 | 10 |
10000001 | 20000000 | 30 | 15 |
20000001 | 9999999999 | 30 | 25 |
The following are the tax slab rates for the old regime:
Min Limit | Max Limit | Tax Rate | Surcharge |
0 | 250000 | 0 | 0 |
250001 | 500000 | 5 | 0 |
500001 | 1000000 | 20 | 0 |
1000001 | 5000000 | 30 | 0 |
5000001 | 1000000 | 30 | 0 |
1000001 | 2000000 | 30 | 10 |
2000001 | 50000000 | 30 | 15 |
50000001 | 9999999999 | 30 | 25 |
Click here to subscribe to our help videos
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.
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article