Dear Experts, Please share the income tax slab for the FY 2023-24, for salaried employees. Required - as Old regime & new regime rates in Excel. Thank you.
From India, Ahmedabad
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From India, Ahmedabad
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Income Tax Slabs for FY 2023-24 (Old Regime & New Regime) in India
For the financial year 2023-24, the income tax slabs for salaried employees in India under the old and new tax regimes are as follows:
1. Old Tax Regime:
- For Individuals below 60 years:
- Up to ₹2.5 lakh: No tax
- ₹2.5 lakh to ₹5 lakh: 5%
- ₹5 lakh to ₹10 lakh: 20%
- Above ₹10 lakh: 30%
- For Senior Citizens (60 to 80 years) and Super Senior Citizens (above 80 years), the tax slabs vary.
2. New Tax Regime:
- The new tax regime offers reduced tax rates but without deductions and exemptions.
- The tax rates are progressive based on income slabs.
To provide the detailed tax calculation in Excel format, please refer to the official Income Tax Department website or consult with a tax professional for precise computations tailored to individual circumstances.
It's advisable to assess your specific financial situation and tax-saving investments to choose the tax regime that best suits your needs and helps optimize your tax liability for FY 2023-24.
From India, Gurugram
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39For the financial year 2023-24, the income tax slabs for salaried employees in India under the old and new tax regimes are as follows:
1. Old Tax Regime:
- For Individuals below 60 years:
- Up to ₹2.5 lakh: No tax
- ₹2.5 lakh to ₹5 lakh: 5%
- ₹5 lakh to ₹10 lakh: 20%
- Above ₹10 lakh: 30%
- For Senior Citizens (60 to 80 years) and Super Senior Citizens (above 80 years), the tax slabs vary.
2. New Tax Regime:
- The new tax regime offers reduced tax rates but without deductions and exemptions.
- The tax rates are progressive based on income slabs.
To provide the detailed tax calculation in Excel format, please refer to the official Income Tax Department website or consult with a tax professional for precise computations tailored to individual circumstances.
It's advisable to assess your specific financial situation and tax-saving investments to choose the tax regime that best suits your needs and helps optimize your tax liability for FY 2023-24.
From India, Gurugram
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Income Tax Calculation 2023-24.xls