The income tax slabs are different under the old and the new tax regimes. Further, the slab rates under the old tax regime are divided into three categories
Indian Residents aged < 60 years + All the non-residents
60 to 80 years of age: Resident Senior citizens
More than 80 years: Resident Super senior citizens
What Is Income Tax Slab?
In India, the Income Tax applies to individuals based on a slab system, where different tax rates are assigned to different income ranges. As the person's income increases, the tax rates also increase. This type of taxation allows for a fair and progressive tax system in the country. The income tax slabs are revised periodically, typically during each budget. These slab rates vary for different groups of taxpayers. Let us take a look at all the slab rates applicable for FY 2022-23 (AY 2023-24) and FY 2023-24(AY 2024-25).
NOTE:
Income tax exemption limit is up to Rs 2,50,000 for Individuals, HUF below 60 years aged and NRIs.
Surcharge and cess will be applicable as discussed above
Comparison of tax rates under New tax regime & Old tax regime for FY 2022-23 (AY 2023-24)
How to Calculate Income Tax from Income Tax Slabs?
Rohit has a total taxable income of Rs 8,00,000. This income has been calculated by including income from all sources such as salary, rental income, and interest income. Deductions under section 80 have also been reduced. Rohit wants to know his tax dues for FY 2022-23 (AY 2023-2024).
Income Tax Slabs Tax Rate Tax Amount
*Income up to Rs 2,50,000 No tax -
Income from Rs 2,50,000 – Rs 5,00,000 5% (Rs 5,00,000 – Rs 2,50,000) Rs 12,500
Income from Rs 5,00,000 – 10,00,000 20% (Rs 8,00,000 – Rs 5,00,000) Rs 60,000
Income more than Rs 10,00,000 30% -
Tax Rs 72,500
Cess 4% of Rs 72,500 Rs 2,900
Total tax in FY 2022-23 (AY 2023-24) Rs 75,400
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