New Income Tax Slabs 2023 – 2024 Highlights: Know all about new income tax slabs under new regime
Income Tax 2023-24 Details and Highlights: The new income tax regime has seen a significant change in the low-income tax rates for 2023-24.
The basic exemption limit under the new income tax regime has been raised to Rs 3 crore. The income tax credit limit available to salaried and individual taxpayers under the new income tax regime has been increased to Rs 7 crore from the current Rs 5 crore.
The table below shows the basic tax rates for 2023
Income Tax Slabs 2023:
These are the new income tax slabs under the new tax regime
1. Upto Rs 3 lakh income is 0% or NIL tax
2. From Rs 3 lakh to Rs 6 lakh the tax rate is 5% Powered By PlayUnmute Loaded: 1.01% Full Screen
3. From Rs 6 million to Rs 9 million the tax rate is 10%
4. From Rs 9 million to Rs 12 million the tax rate is 15%
5. From Rs 12 million to Rs 15 million the tax rate is 20 %
6. Above Rs 15 lakh the tax rate is 30%
These were the income rates for 2022-23 under the new tax regime
1. Upto Rs 2.5 lakh income the tax is 0% or NIL
2. From Rs 2.5 the tax rate is 5%
3. From Rs.5 lakh the tax rate is 10%
4. From Rs.7.5 lakh the tax rate is 15%
5. From Rs.10 lakh to Rs.12.5 lakh the tax rate is 20%
6. From Rs 12.5 million to Rs 15 million the tax rate is 25%
7. Above Rs 15 million the tax rate is 30%
