Tax System in India
Income tax slabs for individuals (resident and non-resident) in India for the Financial Year 2023-2024. These slabs are applicable for individuals below 60 years of age:
Old Tax Regime:
- Income up to Rs. 2,50,000: No tax
- Income from Rs. 2,50,001 to Rs. 5,00,000: 5% of income exceeding Rs. 2,50,000
- Income from Rs. 5,00,001 to Rs. 10,00,000: 20% of income exceeding Rs. 5,00,000 + Rs. 12,500
- Income above Rs. 10,00,000: 30% of income exceeding Rs. 10,00,000 + Rs. 1,12,500
Additionally, there is a rebate under Section 87A available for individuals with total income up to Rs. 5,00,000. The rebate is limited to the lesser of the individual's tax liability or Rs. 12,500.
For individuals aged 60 years or above but below 80 years (senior citizens), the basic exemption limit is Rs. 3,00,000. For individuals aged 80 years and above (super senior citizens), the basic exemption limit is Rs. 5,00,000.
New Tax Regime:
The taxpayer opting for concessional rates in the New Tax regime will have to forgo certain exemptions and deductions available in the existing old tax regime from 2024-2025 F.Y
Income Slabs Income Slab Rates
Up to Rs 3,00,000 Nil
Rs 3,00,000 to Rs 6,00,000 5% on income which exceeds Rs 3,00,000
Rs 6,00,000 to Rs 900,000 Rs. 15,000 + 10% on income more than Rs 6,00,000
Rs 9,00,000 to Rs 12,00,000 Rs. 45,000 + 15% on income more than Rs 9,00,000
Rs 12,00,000 to Rs 1500,000 Rs. 90,000 + 20% on income more than Rs 12,00,000
Above Rs 15,00,000 Rs. 150,000 + 30% on income more than Rs 15,00,000
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