Indian Income Tax Slab F.Y. 2023-24

What is Indian Income tax Slabs ?

Individual taxpayers are subject to taxation under the Indian Income Tax based on a slab structure. Different tax rates are established for various income groups under a slab system. It indicates that when a taxpayer’s income rises, so do their tax rates. This kind of taxation helps the nation to have progressive and equitable tax systems. These income tax slabs frequently vary with each budget. These slab rates vary depending on the type of taxpayer. Three categories of “individual” taxpayers under the income tax system include:

individuals under the age of 60, including residents and non-residents
Senior citizens that live there (60 to 80 years of age)
Super senior citizens who live there (over the age of 80)

Income Tax Slab for FY 2023-24 (AY 2024-25)

The following tables show the Revised Income Tax Slabs 2023-24, not the old tax regime. These new tax slabs in India were presented in the Budget 2023. The table for the new tax regime slabs-

Tax Slab	Rates
Up to Rs. 3 Lakh	NIL
Rs. 3 Lakh to Rs. 6 Lakh	5% on income which exceeds Rs 3,00,000
Rs. 6 Lakh to Rs. 9 Lakh	Rs 15,000 + 10% on income more than Rs 6,00,000
Rs. 9 Lakh to Rs. 12 Lakh	Rs 45,000 + 15% on income more than Rs 9,00,000
Rs. 12 Lakh to Rs. 15 Lakh	Rs 90,000 + 20% on income more than Rs 12,00,000
Above Rs. 15 Lakh	Rs 150,000 + 30% on income more than Rs 15,00,000

New Income Tax Slabs FY23-24

The applicable financial year (FY) and assessment year (AY) income tax slabs and rates are used to calculate income tax in India. The Union Budget for 2022–23 included the publication of the income tax bracket for the AY 2023–24.

As we move into the Financial Year 2023-24, the income tax slab for Indian taxpayers has been revised. It is essential to understand the new tax slab to ensure that we pay the right amount of tax and avoid penalties. In this article, we will discuss the Indian Income Tax Slab F.Y. 2023-24 and how it affects taxpayers.

Resident Individuals and HUFs (Hindu Undivided Families)

The income tax slab for resident individuals and HUFs has undergone significant changes. The new tax slab rates are as follows:

Income Tax slab for resident individuals and HUFs up to Rs. 2.5 lakhs is exempt from tax.
For income between Rs. 2.5 lakhs to Rs. 5 lakhs, the tax rate is 5%.
For income between Rs. 5 lakhs to Rs. 7.5 lakhs, the tax rate is 10%.
For income between Rs. 7.5 lakhs to Rs. 10 lakhs, the tax rate is 15%.
For income between Rs. 10 lakhs to Rs. 12.5 lakhs, the tax rate is 20%.
For income between Rs. 12.5 lakhs to Rs. 15 lakhs, the tax rate is 25%.
For income above Rs. 15 lakhs, the tax rate is 30%.

Senior Citizens

Indian Income Tax Slab F.Y. 2023-24 for Senior Citizens

For senior citizens above 60 years but below 80 years of age, the Indian Income Tax Slab F.Y. 2023-24 remains unchanged from the previous year. The tax slab rates for senior citizens are as follows:

Income up to Rs. 3 lakhs is exempt from tax. For income between Rs. 3 lakhs to Rs. 5 lakhs, the tax rate is 5%. For income between Rs. 5 lakhs to Rs. 10 lakhs, the tax rate is 20%. For income above Rs. 10 lakhs, the tax rate is 30%.

Senior citizens above the age of 80 years are considered super senior citizens, and they enjoy higher tax exemption limits than the other age groups.

For super senior citizens, the tax slab rates for F.Y. 2023-24 are as follows:

Income up to Rs. 5 lakhs is exempt from tax. For income between Rs. 5 lakhs to Rs. 10 lakhs, the tax rate is 20%. For income above Rs. 10 lakhs, the tax rate is 30%.

It is important to note that the above tax rates are applicable only if the senior citizen does not have any income from business or profession.

Tax Slabs for Domestic Companies

Particulars	Existing or Old regime Tax Rates	New Regime Tax Rates
Company opts for section 115BAB (not covered in section 115BA and 115BAA) & is registered on/after October 1, 2019 and has started manufacturing on/before 31st March 2023	–	15%
Company chooses Section 115BAA, which allows for the calculation of total income without taking into account certain deductions, exemptions, incentives, and additional depreciation.	–	22%
A company that chooses to use Section 115BA and registers on or after March 1, 2016, manufactures any articles or things, but does not take the deductions allowed by Section 115BA	–	25%
The company’s turnover/gross receipts were less than 400 crores rupees in the previous year.	25%	25%
Other Domestic Company	30%	30%