{"id":118018,"date":"2023-09-16T16:09:37","date_gmt":"2023-09-16T10:39:37","guid":{"rendered":"https:\/\/legalwindow.in\/?p=118018"},"modified":"2023-09-20T15:58:10","modified_gmt":"2023-09-20T10:28:10","slug":"income-tax-slab-2023-24","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/income-tax-slab-2023-24\/","title":{"rendered":"Your Guide to Income Tax Slab 2023-24"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-118038 size-full\" title=\"Income Tax Slab 2023-24\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/How-to-Pre-Validate-Your-Bank-Account-for-Claiming-Tax-Refund-in-India-30.png\" alt=\"Income Tax Slab 2023-24\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/How-to-Pre-Validate-Your-Bank-Account-for-Claiming-Tax-Refund-in-India-30.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/How-to-Pre-Validate-Your-Bank-Account-for-Claiming-Tax-Refund-in-India-30-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/How-to-Pre-Validate-Your-Bank-Account-for-Claiming-Tax-Refund-in-India-30-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/How-to-Pre-Validate-Your-Bank-Account-for-Claiming-Tax-Refund-in-India-30-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/How-to-Pre-Validate-Your-Bank-Account-for-Claiming-Tax-Refund-in-India-30-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Do you know about the new tax regime proposed in the <\/span><span style=\"font-weight: 400;\">Union Budget 2023<\/span><span style=\"font-weight: 400;\">? The income tax slab&#8217;s most recent modification demonstrates how the financial world is always evolving. A few modifications have been announced for the income tax bracket rates under the new tax framework in the Union Budget 2023. Over time, the old tax system will no longer be available to taxpayers, and the new one will also become the default tax system. In this article, we will discuss <\/span><b>Income Tax Slab 2023-24<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<table style=\"height: 333px;\" width=\"100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content<\/b><\/p>\n<ul>\n<li><a href=\"#meaning\"><span style=\"font-weight: 400;\">Meaning of Income Tax Slab<\/span><\/a><\/li>\n<li><a href=\"#new\"><span style=\"font-weight: 400;\">New Income Tax Slab 2023-24<\/span><\/a><\/li>\n<li><a href=\"#old\"><span style=\"font-weight: 400;\">Old Income Tax Slab Regime<\/span><\/a><\/li>\n<li><a href=\"#key\"><span style=\"font-weight: 400;\">Key Tax Changes under the New Tax Regime for FY 2023-24<\/span><\/a><\/li>\n<li><a href=\"#exemptions\"><span style=\"font-weight: 400;\">Exemptions and Deductions under the New Tax Regime<\/span><\/a><\/li>\n<li><a href=\"#how\"><span style=\"font-weight: 400;\">How to Determine Your Income Tax Bracket?<\/span><\/a><\/li>\n<li><a href=\"#final\"><span style=\"font-weight: 400;\">Final Words<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"meaning\"><b>Meaning of Income Tax Slab<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The predetermined income thresholds at which various tax rates are imposed on people or entities are known as income tax slabs. The tax rates rise along with an individual&#8217;s income. This kind of taxation enables the establishment of a just and progressive tax structure in the nation. The income tax slabs are updated usually around the time of each budget.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Based on the person&#8217;s income, he or she may be subject to a particular tax bracket. To keep the nation&#8217;s tax system equitable, the slab system was implemented. The slabs vary whenever a budget announcement is made.<\/span><\/p>\n<h2 id=\"new\"><b>New Income Tax Slab 2023-24<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The new <\/span><b>Income Tax Slab 2023-24<\/b><span style=\"font-weight: 400;\"> as per Union Budget 2023 is-<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Income Tax Slab<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Income tax rates for FY 2023-24<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">&lt;<\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">3,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">No tax<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">3,00,001 to <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">6,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5% on income exceeding <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">3,00,000<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">6,00,001 to <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">9,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 15,000 + 10% on income exceeding <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">6,00,000<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">9,00,001 to <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">12,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 45,000 + 15% on income exceeding <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">9,00,000<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">12,00,001 to <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">15,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 90,000 + 20% on income exceeding <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">12,00,000<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">&gt;<\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">15,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs. 1,50,000 + 30% on income exceeding <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">15,00,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"old\"><b>Old Income Tax Slab Regime<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The old income tax regime is-<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Income Tax Slab<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Income tax rates as per the Old Regime<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">&lt;<\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">3,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">No tax<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">3,00,001 to <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">6,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">5% (up to <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">5,00,000 only)<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">6,00,001 to <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">9,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\"> 12,500 + 20% of total income exceeding <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\"> 5,00,000<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">9,00,001 to <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">12,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\"> 62,500 + 20% of total income exceeding <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\"> 7,50,000<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">12,00,001 to <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">15,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\"> 1,12,500 + 30% of total income exceeding <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">10,00,000<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">&gt;<\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">15,00,000<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\"> 2,62,500 + 30% of total income exceeding <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\"> 15,00,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"key\"><b>Key Tax Changes under the New Tax Regime for FY 2023-24<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The modifications made to the new tax system are listed below:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The new income tax system takes over as the default tax system. Therefore, income will be taxed at the new tax regime&#8217;s slabs and rates unless a person specifically chooses the old tax system.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rs. 50,000 is a standard deduction made available to <\/span><a href=\"https:\/\/legalwindow.in\/calculate-income-tax-for-salaried-individuals\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">salaried individuals<\/span><\/a><span style=\"font-weight: 400;\"> and pensioners.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Under the new tax regime, family pensioners can also claim a standard deduction of Rs. 15,000.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Under the new tax regime, the highest surcharge rate, previously 37%, has been lowered to 25%.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The amount of the tax credit under Section 87A of the <\/span><a href=\"https:\/\/incometaxindia.gov.in\/Pages\/acts\/income-tax-act.aspx\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Income Tax Act 1961<\/span><\/a><span style=\"font-weight: 400;\"> has been raised from Rs. 5 lakh (tax rebate of Rs. 12,500) to Rs. 7 lakh (tax rebate of Rs. 25,000). In practice, this means that anyone choosing the new tax system and having taxable income up to Rs 7 lakh will not pay any taxes. Previously, this tax rebate was only accessible up to Rs. 5 lakh in taxable income.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In the new tax system, the basic exemption ceiling was increased from Rs 2.5 lakh to Rs 3 lakh.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Under the new tax system, there are now only five income tax brackets instead of six.<\/span><\/li>\n<\/ul>\n<h2 id=\"exemptions\"><b>Exemptions and Deductions under the New Tax Regime<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The following list shows the deductions allowed and not allowed. However the new tax regime does not allow many deductions that were available previously-<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Deductions allowed-<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-118030 size-full\" title=\"Income Tax Slab 2023-24\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/legal-window.png\" alt=\"Income Tax Slab 2023-24\" width=\"598\" height=\"502\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/legal-window.png 598w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/legal-window-300x252.png 300w\" sizes=\"auto, (max-width: 598px) 100vw, 598px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Deductions not allowed-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interest on Housing loans under Section 24<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Standard salary deduction<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">House Rent Allowance (HRA)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Special allowances under Section 10(14)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/legalwindow.in\/professional-tax-registration-in-rajasthan\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Professional tax<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Relocation allowance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Helper allowance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Conveyance allowance\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Children education allowance\u00a0<\/span><\/li>\n<\/ul>\n<h2 id=\"how\"><b>How to Determine Your Income Tax Bracket?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Knowing which tax brackets their income falls into is required to determine the income tax that must be paid in a specific fiscal year. Additionally, it will rely on the income tax policy he selects for a specific fiscal year. Before choosing one, a person evaluates the income tax owed under the two tax regimes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You must first be aware of the taxable income on which tax is to be computed to understand the <\/span><a href=\"https:\/\/legalwindow.in\/income-tax-rates-for-fy-2021-22-fy-2022-23-ay-2022-23-2023-24\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">income tax rates<\/span><\/a><span style=\"font-weight: 400;\"> and slabs that apply to your income. An individual is eligible for tax exemptions (such as the standard deduction, the exemption for holiday allowance, and the house rent allowance exemption) and deductions under sections 80C to 80U as long as the old existing income tax scheme is maintained. The individual arrives at the taxable income from which the income tax is deducted after applying and subtracting the tax exemptions and deductions to which they are entitled.<\/span><\/p>\n<h2><a href=\"https:\/\/legalwindow.in\/itr-filing-for-individuals\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-113133\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Get-your-IT-Returns-Filed-by-Expert.png\" alt=\"\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-IT-Returns-Filed-by-Expert.png 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-IT-Returns-Filed-by-Expert-600x120.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-IT-Returns-Filed-by-Expert-300x60.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-IT-Returns-Filed-by-Expert-768x154.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/h2>\n<h2 id=\"final\"><b>Final Words<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The government&#8217;s continuous efforts to simplify the tax code and give assistance to individual taxpayers are reflected in the <\/span><b>Income Tax Slab 2023\u201324<\/b><span style=\"font-weight: 400;\">. The updated slabs include provisions to encourage saving and investing as well as a reduction in the burden placed on middle and lower-income people. To minimize their tax responsibilities, taxpayers should stay current on the latest tax laws and utilize deductions and exemptions. To maintain compliance with the shifting tax laws and to make wise financial decisions, it is crucial to seek the advice of tax experts and financial counselors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case of any query regarding <\/span><b>Income Tax Slab 2023-24<\/b><span style=\"font-weight: 400;\">, a team of expert advisors from <\/span><a href=\"https:\/\/legalwindow.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\"> is here to assist you at every step. Feel free to reach us at <\/span><a href=\"mailto:admin@legalwindow.in\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">admin@legalwindow.in<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you know about the new tax regime proposed in the Union Budget 2023? The income tax slab&#8217;s most recent modification demonstrates how the financial world is always&hellip;<\/p>\n","protected":false},"author":4,"featured_media":118040,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-118018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Income Tax Slab 2023-24 &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"Income Tax Slab 2023-24 - the income tax bracket rates under the new tax framework in the Union Budget 2023. 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