New Tax Regime vs Old Tax Regime

Income tax slabs are the different tax rates at which individuals are taxed based on their income levels. In India, the income tax slabs for the financial year 2022-23 (assessment year 2023-24) are as follows:

1. For individuals below 60 years of age:

   a. Income up to Rs. 2.5 lakhs – No tax b. Income from Rs. 2.5 lakhs to Rs. 5 lakhs – 5% tax c. Income from Rs. 5 lakhs to Rs. 10 lakhs – 20% tax d. Income above Rs. 10 lakhs – 30% tax

2. For senior citizens (aged 60 years or more but less than 80 years):

   a. Income up to Rs. 3 lakhs – No tax b. Income from Rs. 3 lakhs to Rs. 5 lakhs – 5% tax c. Income from Rs. 5 lakhs to Rs. 10 lakhs – 20% tax d. Income above Rs. 10 lakhs – 30% tax

3. For very senior citizens (aged 80 years or more):

   a. Income up to Rs. 5 lakhs – No tax b. Income from Rs. 5 lakhs to Rs. 10 lakhs – 20% tax c. Income above Rs. 10 lakhs – 30% tax

Please note that the above rates do not include any cess or surcharge that may be applicable in certain cases. It is also important to consult with a tax professional or refer to the official government website for the latest and accurate tax rates and slabs.

The income tax slabs for the financial year 2023-24 (assessment year 2024-25) in India have not yet been announced by the government. Typically, the income tax rates and slabs for a particular financial year are announced in the Union Budget, which is presented by the Finance Minister of India in the month of February.

The Union Budget for 2023-24 is expected to be presented in February 2023, and the income tax rates and slabs for the financial year 2023-24 (assessment year 2024-25) will be announced at that time. It is advisable to refer to the official government website or consult with a tax professional for the latest and accurate tax rates and slabs once they are announced.

The income tax slabs for the financial year 2023-24 (assessment year 2024-25) in India under the new tax regime have not yet been announced by the government. The new tax regime was introduced in the Union Budget 2020, and it offers a lower tax rate for those who opt for it, but without any deductions or exemptions.

Typically, the income tax rates and slabs for a particular financial year are announced in the Union Budget, which is presented by the Finance Minister of India in the month of February. The Union Budget for 2023-24 is expected to be presented in February 2023, and the income tax rates and slabs for the financial year 2023-24 (assessment year 2024-25) will be announced at that time.

It is advisable to refer to the official government website or consult with a tax professional for the latest and accurate tax rates and slabs once they are announced.

The new tax regime offers lower tax rates for individuals who opt for it, but they will not be eligible for certain deductions and exemptions available under the old tax regime. The new tax regime is optional, and individuals can choose to continue with the old tax regime if they wish to avail of deductions and exemptions.

The income tax slabs and rates for individuals opting for the new tax regime in the financial year 2021-22 (assessment year 2022-23) are as follows:

1. Income up to Rs. 2.5 lakhs – No tax
2. Income from Rs. 2.5 lakhs to Rs. 5 lakhs – 5% tax
3. Income from Rs. 5 lakhs to Rs. 7.5 lakhs – 10% tax
4. Income from Rs. 7.5 lakhs to Rs. 10 lakhs – 15% tax
5. Income from Rs. 10 lakhs to Rs. 12.5 lakhs – 20% tax
6. Income from Rs. 12.5 lakhs to Rs. 15 lakhs – 25% tax
7. Income above Rs. 15 lakhs – 30% tax

Please note that the above rates do not include any cess or surcharge that may be applicable in certain cases.

It is important to note that the income tax slabs and rates for individuals opting for the new tax regime may change from year to year and would be announced in the Union Budget of that financial year. It is advisable to refer to the official government website or consult with a tax professional for the latest and accurate tax rates and slabs under the new tax regime.

Income Tax Rates For AY 2023-24 (New Regime)

• 0 to Rs 2.5 lakh: NIL
• Rs 2.5 to Rs 5 lakh: 5% above Rs 2.5 lakh
• Rs 5 lakh to Rs 7.5 lakh: Rs 12,500 + 10% above Rs 5 lakh
• Rs 7.5 lakh to Rs 10 lakh: Rs 37,500 + 15% above Rs 7.5 lakh
• Rs 10 lakh to Rs 12.5 lakh: Rs 75,00- + 20% above Rs 10 lakh
• Rs 12.5 lakh to Rs 15 lakh: Rs 1,25,000 + 25% above Rs 12.5 lakh
• Above Rs 15 lakh: Rs 1,87,500 + 30% above Rs 15 lakh

Income Tax Slabs and Rates for AY 2023-24 (Old Regime)

• Rs 2.5 lakh: NIL
• Rs 2.5-5 lakh: 5% above Rs 2.5 lakh
• Rs 5-10 lakh: 12,500 + 20% above Rs 5 lakh
• Above 10 lakh: Rs 112,500 + 30% above Rs 10 lakh

Income Tax Rates AY 2024-25 (New Regime)

• 0-Rs 3 lakh: Nil;
• Rs 3-6 lakh: 5%
• Rs 6-9 lakh: 10%
• Rs 9-12 lakh: 15%
• Rs 12-15 lakh: 20%
• Above Rs 15 lakh: 30%