Latest Income Tax Slab Tax Rates in India for FY 2023-24 AY 2024-25
Key Changes
The Union Budget 2023 brought several significant changes to the income tax slab rates in India for the Financial Year (FY) 2023-24, applicable from the Assessment Year (AY) 2024-25.
Impact on Taxpayers
These revised income tax slabs aim to provide relief to taxpayers in various income brackets. Individuals with an annual income of up to INR 7 lakhs are completely exempt from paying income tax. For those earning above this threshold, the new tax rates offer reduced tax liability compared to the previous regime.
New Tax Slabs and Rates
The new tax slabs and rates under the new tax regime for FY 2023-24 are as follows:
- Up to INR 3 lakhs: Nil
- INR 3 lakhs to INR 6 lakhs: 5%
- INR 6 lakhs to INR 9 lakhs: 10%
- INR 9 lakhs to INR 12 lakhs: 15%
- INR 12 lakhs to INR 15 lakhs: 20%
- Above INR 15 lakhs: 30%
Additional Provisions
In addition, the budget also announced the following provisions:
- Standard deduction of INR 50,000
- Health and education cess of 4% on income tax
- Tax rebate of INR 7,000 for individuals with an annual income of up to INR 5 lakhs
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