ITR Filing FY 2023-24: Income tax slabs for new and old regime | Check Tax Rates Here
ITR Filing FY 2023-24: The deadline to file the income tax return for financial year 2023-24 is around the corner and it is therefore crucial for taxpayers to know the income tax slabs for both the new and old income tax regime. Let's have a look at the old and new income tax regimes and slabs for FY 2023-24.
ITR Filing: Tax Slabs for FY 2023-24 under Old Tax Regime
ITR Filing FY 2023-24: There is no tax for income up to Rs 2,50,000; 5 per cent for income between 2,50,001 to 5,00,000; 20 per cent from 5,00,001 to 10,00,000 and 30 per cent for above 10,00,000.
ITR Filing: Tax Rebate Under Old Regime
ITR Filing FY 2023-24: Individual taxpayers can get a tax rebate of Rs 12,500 or the actual tax payable for income not exceeding Rs 5,00,000.
ITR Filing: Exemption for Senior Citizens in Old Regime
ITR Filing FY 2023-24: Old Regime has a higher exemption limit for senior citizens. For such people, the basic exemption threshold is Rs 3 lakh. For those aged above 80 years, the exemption limit is set at Rs 5 lakh.
ITR Filing: Income Tax Slabs Under New Tax Regime for FY 2023-34
ITR Filing FY 2023-24: There is no tax for up to Rs 3,00,000 income; 5 per cent for income between Rs 3,00,001 to Rs 6,00,000; 10 per cent for income between Rs 6,00,001 to Rs 9,00,000; 15 per cent for income between Rs 9,00,001 to Rs 12,00,000; 20 per cent for income between Rs 12,00,001 to Rs 15,00,000 and 30 per cent for income above Rs 15,00,000.
ITR Filing: Rebate Under New Regime
ITR Filing FY 2023-24:Those with net taxable income up to Rs 7,00,000 can get a rebate of up to Rs 25,000. Those having net taxable above Rs 7,00,000 can still get marginal relief under certain circumstances.
ITR Filing: Surcharge rates under the old regime
ITR Filing FY 2023-24: Here are the surcharge rates under the old regime
Rs 50 lakh to Rs 1 crore - 10%
Rs 1 crore to Rs 2 crore - 15%
Rs 2 crore to Rs 5 crore - 25%
Rs 5 crore and above - 37%
ITR Filing: Surcharge rates under new regime
ITR Filing FY 2023-24: Here are the surcharge rates under the new regime
Rs 50 lakh to Rs 1 crore - 10%
Rs 1 crore to Rs 2 crore - 15%
Rs 2 crore to Rs 5 crore - 25%
Rs 5 crore and above - 25%
ITR Filing FY 2023-24 Deadline
ITR Filing FY 2023-24: The last date to file the income tax return for FY 2023-24 (AY 2024-25) is July 31, 2024.