New Income Tax Rate List India 2023-24 – New Income Tax Slabs List In Union Budget 2023-24. Income tax slab 2023-2024: The new income tax regime has seen a major change in the income tax slab rates for 2023-24. Under the new income tax regime, the basic exemption limit has been increased to Rs 3 lakh. Under the new income tax regime, the income tax exemption limit available to salaried and individual taxpayers has been increased to Rs 7 lakh from the existing Rs 5 lakh. Check the table below to know the Income Tax Slab 2023 for the new income tax regime.
New Income Tax Rate List India 2024
| Tax Slabs | Old Tax Regime | New Tax Regime |
| 0-3 lakh | NIL | NIL |
| 3-6 lakh | 5% | NIL (Income limit for rebate of income tax increased from ₹5 lakh to ₹7 Lakh) |
| 6-9 lakh | 10% | 10% |
| 9-12c lakh | 15% | 15% |
| 12-15 lakh | 20% | 20% |
| Above 15 lakh | 30% | 30% |
New Tax Regime Vs Old Tax Regime
| New Income Tax Slabs | Old Income Tax Slabs |
|
|
Income Tax 2023-24 Key Highlights :
- The new income tax regime will now be the default system but taxpayers will have the option to choose the old system
- Salaried individuals are allowed a standard deduction of Rs 50,000 and a deduction from family pension up to Rs 15,000. Both these deductions are proposed to be allowed under the new system.
- The exemption limit under the new tax regime will be increased from Rs 5 lakh to Rs 7 lakh. This means that there will be no income tax to be paid for a taxpayer earning up to Rs 7 lakh and opting for the new income tax regime.
- A person with an income of Rs 15 lakh will have to pay only Rs 1.5 lakh as tax.
- FM says 45% of returns filed are processed within 24 hours.
- FM says the average processing time of returns has come down from 93 days to 16 days.
- Focus on technology-based tax governance.
- The estimated taxation turnover limit for professionals has been raised to 75 lakh. Cash receipt not exceeding 5%.
- Roll out the next Gen-IT return form.
In the New Income Tax Regime How much income tax will you save In india ?
| Income | Savings |
| Up to 7 lakh | No tax now |
| Rs 9 lakh income | Rs 15,600 with cess |
| Rs 15 lakh income | Rs 39,000 with cess |
How Much Income Tax Will Salaried People Pay if They Opt For the Old Regime?
Salaried taxpayers opting for the regular income tax regime will have to continue paying income tax as per the tax slabs mentioned below:
|
FAQ: New income tax Slab In India 2023-24
What is the income tax slab for 2022 to 2023 In India?
Ans: this Is The Current Income tax Slab Rate In India. Check the Full List Below
- Up to Rs 2,50,000 income – NIL tax rate
- Rs 2,50,001 – Rs 5,00,000 income – 5% tax rate
- Rs 5,00,001 – Rs 10,00,000 income – 20% tax rate
- Above Rs 10,00,000 income – 30% tax rate
Who is eligible for the new income tax regime 2023-24?
Ans: Salaried income taxpayers and individual taxpayers can avail of the new income tax regime which allows avail of lower income tax rates if the taxpayer is willing to forego exemptions like standard deduction, Section 80C, Section 80D, Section 80TTA, etc.
If you choose the old tax regime, you will be exempted from claiming tax exemption or tax deduction. Under this, you get tax exemption on things like House Rent Allowance Exemption, Leave Travel Allowance Exemption, and Standard Deduction. Also, in this regime, you can get tax exemption from sections 80C to 80U of the Income Tax Act. The amount that is left after removing tax exemption and tax deduction from your total income will be your taxable income, that is, you will have to pay income tax on it.
Which is better new or old tax regime In India?
Ans: New income tax regime vs old income tax system, This answer depends on your income. If you are earning up to Rs 15 lakh, it is prudent to opt for the new income tax regime given the tax savings under the new tax slab. However, it may still be prudent to opt for a regular tax regime for income given your savings and investment path.
What Is the Rate of Tax in the Old Regime?
Ans: This Was the Old tax Regime In India.
| Income Slabs | Old Regime- Tax Rates |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001- ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
What Is New Income Tax Rates In India for 2023-24?
Ans: The Following Are The new Income tax Rates;
| Income Slabs | New Regime- Tax Rates |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹7,50,000 | 10% |
| ₹7,50,001 – ₹10,00,000 | 15% |
| ₹10,00,001 – ₹12,50,000 | 20% |
| ₹12,50,001 – ₹15,00,000 | 25% |
| Above ₹15,00,000 | 30% |
What is the difference between the old and new tax regimes Of India?
Ans: Since 2020, there have been two systems of income tax in India. The first one is known as the Old Tax Regime And the Later One Is the New Tax Regime. The new tax regime was introduced to simplify the process of filing income tax returns (ITR), although the old tax system has also been retained.
In the old tax regime, taxpayers can save tax through tax-saving tools like Section 80C and 80D, but there is no such exemption in the new system. Because of this, very few people adopted the new tax system and that is why the government has made all the announcements under this time. Salaried people do not Get benefits from the new tax regime In India as they do not get deductions under HRA, LTA, Standard Deduction, Section 80C and Section 80D.
