HomeBlogIncome TaxWhat are the rates of income tax in old regime and new regime for AY 2023-24

What are the rates of income tax in old regime and new regime for AY 2023-24

Below are the various rates of income tax applicable for AY 2023-24 (FY 2022-23)

Old Tax Regime-

In the old tax regime, the rates of income tax and its slabs are as below.

For Individual (resident or non-resident):  

 

Income Tax SlabIncome Tax Rate
Up to ₹ 2,50,000  Nil
₹ 2,50,001 – ₹ 5,00,000 5% above ₹ 2,50,000
₹ 5,00,001 – ₹ 10,00,000₹ 12,500 + 20% above ₹ 5,00,000
Above ₹ 10,00,000 ₹ 1,12,500 + 30% above ₹ 10,00,000

 

For Senior Citizens (resident or non-resident):

 

Income Tax Slab Income Tax Rate
Up to ₹ 3,00,000  Nil
₹ 3,00,001 – ₹ 5,00,000 5% above ₹ 3,00,000
₹ 5,00,001 – ₹ 10,00,000₹ 10,000 + 20% above ₹ 5,00,000
Above ₹ 10,00,000 ₹ 1,10,000 + 30% above ₹ 10,00,000

 

For Super Senior Citizens (resident or non-resident) 80+ years :

 

Income Tax Slab Income Tax Rates
Up to ₹ 5,00,000  Nil
₹ 5,00,001 – ₹ 10,00,00020% above ₹ 5,00,000
Above ₹ 10,00,000 ₹ 1,00,000 + 30% above ₹ 10,00,000

 

For Hindu Undivided Family (HUF) :

 

Income Tax SlabIncome Tax Rate
Up to ₹ 2,50,000Nil
₹ 2,50,001 – ₹ 5,00,0005% above ₹ 2,50,000
₹ 5,00,001 – ₹ 10,00,000₹ 12,500 + 20% above ₹ 5,00,000
Above ₹ 10,00,000₹ 12,500 + 20% above ₹ 5,00,000

 

New Tax Regime u/s 115BAC-

In the old tax regime, the rates of income tax and its slabs are as below.

For Individuals (resident or non-resident) : 

 

Income Tax Slab Income Tax Rates
Up to ₹ 2,50,000Nil
₹ 2,50,001 – ₹ 5,00,0005% above ₹ 2,50,000
₹ 5,00,001 – ₹ 7,50,000₹ 12,500 + 10% above ₹ 5,00,000
₹ 7,50,001 – ₹ 10,00,000₹ 37,500 + 15% above ₹ 7,50,000
10,00,001 – ₹ 12,50,000₹ 75,000 + 20% above ₹ 10,00,000
₹ 12,50,001 – ₹ 15,00,000₹ 1,25,000 + 25% above ₹ 12,50,000
Above ₹ 15,00,000₹ 1,87,500 + 30% above ₹ 15,00,000

For Senior Citizens (resident or non-resident):

 

Income Tax SlabIncome Tax Rates
Up to ₹ 2,50,000  Nil
₹ 2,50,001 – ₹ 5,00,0005% above ₹ 2,50,000
₹ 5,00,001 – ₹ 7,50,000₹ 12,500 + 10% above ₹ 5,00,000
₹ 7,50,001 – ₹ 10,00,000₹ 37,500 + 15% above ₹ 7,50,000
₹ 10,00,001 – ₹ 12,50,000₹ 75,000 + 20% above ₹ 10,00,000
₹ 12,50,001 – ₹ 15,00,000₹ 1,25,000 + 25% above ₹ 12,50,000
Above ₹ 15,00,000₹ 1,87,500 + 30% above ₹ 15,00,000

 

For Super Senior Citizens (resident or non-resident) 80+ years :

 

Income Tax Slab Income Tax Rate
Up to ₹ 2,50,000Nil
₹ 2,50,001 – ₹ 5,00,0005% above ₹ 2,50,000
₹ 5,00,001 – ₹ 7,50,000₹ 12,500 + 10% above ₹ 5,00,000
₹ 7,50,001 – ₹ 10,00,000₹ 37,500 + 15% above ₹ 7,50,000
₹ 10,00,001 – ₹ 12,50,000₹ 75,000 + 20% above ₹ 10,00,000
₹ 12,50,001 – ₹ 15,00,000₹ 1,25,000 + 25% above ₹ 12,50,000
Above ₹ 15,00,000₹ 1,87,500 + 30% above ₹ 15,00,000

 

For Hindu Undivided Family (HUF):

 

Income Tax Slab Income Tax Rates
Up to ₹ 2,50,000Nil
₹ 2,50,001 – ₹ 5,00,0005% above ₹ 2,50,000
₹ 5,00,001 – ₹ 7,50,000₹ 12,500 + 10% above ₹ 5,00,000
₹ 7,50,001 – ₹ 10,00,000₹ 37,500 + 15% above ₹ 7,50,000
₹ 10,00,001 – ₹ 12,50,000₹ 75,000 + 20% above ₹ 10,00,000
₹ 12,50,001 – ₹ 15,00,000₹ 1,25,000 + 25% above ₹ 12,50,000
Above ₹ 15,00,000₹ 1,87,500 + 30% above ₹ 15,00,000

 

Note:

  • The rates of Surcharge and Health & Education cess are same under both the tax regimes.
  • Rebate u/s 87A: Resident Individual whose Total Income is not more than ₹ 5,00,000 is also eligible for a Rebate of up to 100% of income tax or ₹ 12,500, whichever is less. This Rebate is available in both tax regimes.

Also Read:

Income Tax Calculator for AY 2024-25

 

Need Help?